The Government of Ghana is set to exercise its preemption rights over large-scale gold production in a major policy shift aimed at building a strategic reserve buffer equivalent to 15 months of import cover by 2028.
The move, announced by Finance Minister Dr. Cassiel Ato Forson in Parliament on February 24, forms a key pillar of the Ghana Accelerated National Reserve Accumulation Policy (GANRAP) 2026–2028, designed to shield the economy from external shocks and reduce reliance on costly foreign borrowing.
Under the policy, the state will require large-scale mining companies to sell at least 20 per cent of their gold output to the government through the exercise of preemption rights under the Ghana Gold Board Act, 2025 (Act 1140) and the Minerals and Mining Act, 2006 (Act 703).
The government is targeting the purchase of not less than 0.57 tonnes of gold per week from large-scale producers as part of efforts to significantly boost Ghana’s international reserves.
Boosting National Reserves
Ghana’s reserves currently provide about 5.7 months of import cover, leaving a gap of 9.3 months to reach the 15-month target by 2028.
To close the gap, the government estimates that about US$9.5 billion must be added annually to gross international reserves.
Gold purchases from large-scale producers will complement the Ghana Gold Board’s ongoing programme to acquire about 2.45 tonnes of gold weekly from the artisanal and small-scale mining sector.
Combined, the two sources are projected to generate about US$25 billion annually in gross receipts, assuming strong global gold prices.
Local Processing and Cedi Payments
Under the arrangement, all gold acquired through preemption will be purchased in cedis at prevailing interbank exchange rates and must be supplied in doré form for local refining, a move aimed at supporting domestic value addition and strengthening the local currency.
After refining in Ghana, the gold will be certified through London Bullion Market Association-approved refineries before being incorporated into the country’s official reserves.
Reducing Dependence on Borrowing
The Finance Minister said the policy is intended to reduce Ghana’s dependence on external borrowing to support foreign exchange reserves.
He noted that between 2017 and 2024, Ghana borrowed about US$21.7 billion through Eurobonds, swaps and commercial loans to support reserves at an estimated cost of US$3.84 billion and GH¢7.3 billion in interest payments.
By contrast, the gold accumulation programme generated about US$10 billion in foreign exchange in 2025 at a significantly lower cost.
Officials argue that leveraging Ghana’s gold resources offers a more sustainable approach to reserve accumulation following the country’s 2022 debt default.
Oversight Measures
An inter-agency committee co-chaired by the Ministers for Finance and Lands and Natural Resources will oversee implementation of the policy.
Gold acquired under the programme can only be sold by the Bank of Ghana with the prior approval of Cabinet and Parliament.
Dr. Forson described the initiative as Ghana’s first deliberate attempt to build strong external reserves through domestic resources, providing what he called a “first line of defence” against global economic shocks.
By: Christian Kpesese
