Accra: Finance Minister Dr Cassiel Ato Forson has announced that the government has signed a landmark Memorandum of Understanding (MoU) under the Ghana Accelerated National Reserve Accumulation Policy (GANRAP) to secure 30% of large-scale gold production for Ghana's strategic reserves. Dr Ato Forson explained that this agreement is a strategic move to bolster the country's external reserves and enhance its financial resilience against economic fluctuations.
According to Ghana Web, the Finance Minister shared this development through a post on X, dated August 13, 2026. The initiative aims to increase Ghana's reserves to 15 months of import cover by 2028, providing a significant economic buffer. Dr Ato Forson has acknowledged the Ghana Chamber of Mines and participating mining companies for their role in realizing this important initiative.
The Finance Minister emphasized that this arrangement is expected to fortify Ghana's economic resilience by establishing a substantial gold reserve, which will serve as a safeguard during times of external economic pressure. He highlighted the government's broader strategy to accumulate international reserves through gold, which is anticipated to stabilize the national currency, the cedi, and enhance macroeconomic stability.
The government has previously indicated that the GANRAP aims to build Ghana's external buffers and ensure a reserve cover of 15 months by the end of 2028. This latest agreement with large-scale mining companies is a step towards retaining more locally produced gold for strategic reserves, thereby supporting efforts to strengthen the cedi and mitigate vulnerabilities to external economic shocks.