Government engages large-scale mining companies on GANRAP

Government has engaged large-scale mining companies as part of efforts to advance the implementation of the Ghana Accelerated National Reserve Accumulation Policy (GANRAP), aimed at strengthening reserves and supporting a more stable cedi.

The meeting was co-chaired by Finance Minister Dr. Cassiel Ato Forson and Lands and Natural Resources Minister Emmanuel Armah-Kofi Buah, bringing together key stakeholders across the mining value chain.

Speaking at the meeting, Dr. Forson said the policy is focused on reinforcing Ghana’s external buffers through a reformed gold acquisition framework, alongside stronger compliance mechanisms.

“Our focus is strengthening reserves and supporting a more stable cedi,” he stated.

*Finance Minister, Dr. Cassiel Ato Forson*

He explained that under GANRAP, government is undertaking targeted reforms to improve gold acquisition processes while ensuring greater oversight and adherence to regulatory requirements.

The engagement was attended by leadership of large-scale mining companies, Sammy Gyamfi, Chief Executive Officer of the Ghana Gold Board, and officials from the Minerals Commission.

*Chief Executive Officer of the Ghana Gold Board, Sammy Gyamfi*

Dr. Forson described the discussions as constructive, emphasising that the policy is being implemented in partnership with industry.

“This is a partnership. It is not anti-industry. It is pro-country,” he said.

GANRAP forms a central component of government’s strategy to build a stronger reserve position, reduce vulnerability to external shocks, and enhance currency stability over the medium term.

Comments

Fitch Solutions retains 2025 growth rate projection at 4.2%

Fitch Solutions has reaffirmed its projection that Ghana’s economy will expand by 4.2% in 2025. This estimate slightly exceeds the International Monetary Fund’s forecast of 4% and the World Bank’s projection of 3.9%. The UK-based research firm attributes its outlook to historically high gold prices, which are expected to cushion the Ghanaian economy against a global slowdown triggered by rising tariffs. Higher gold prices are anticipated to strengthen government revenue, enhance foreign exchange earnings, and help sustain currency stability. The report also highlights that Ghana is relatively less vulnerable to increasing trade restrictions from the United States, given that its primary exports—gold and crude oil—are not directly affected by the tariffs introduced by President Trump’s administration. Moreover, the US constitutes only about 4% to 5% of Ghana’s total exports. In contrast, Ghana’s trade relations are more heavily oriented toward China and European countries, particul...

BoG injects $20m into FX market to support 11 BDCs

The Bank of Ghana (BoG) has injected $20 million into the foreign exchange market in the latest round of its forward FX auction targeted at Bulk Oil Distribution Companies (BDCs). The intervention, which benefited eleven BDCs, is part of the central bank’s broader strategy to stabilise the cedi and ensure price stability in the petroleum downstream sector. Held on Tuesday, April 29, the auction was priced at a locked exchange rate of GHS 14.28 to the US dollar, with bid offers ranging from GHS 13.85 to GHS 15.55. This move reflects the BoG’s continued effort to deepen forex liquidity and safeguard the domestic fuel supply chain against volatility in global energy markets. By directly supplying FX to BDCs, the central bank seeks to ease pressure on the interbank market, guarantee the uninterrupted flow of petroleum products, and mitigate the pass-through effects of exchange rate fluctuations on fuel prices. The $20 million disbursement forms part of a $120 million programme for th...

Kenpong Travel & Tours Champions Breast Cancer Awareness During Customer Week

As part of activities to mark Customer Week, Kenpong Travel & Tours, a leading travel agency in Ghana, is joining the global fight against breast cancer. October is Breast Cancer Awareness Month, and the company is passionate about spreading hope and support to those affected. At Kenpong Travel & Tours, we believe that travel and exploration can be therapeutic and empowering. That's why we're committed to supporting our customers and the broader community in the fight against breast cancer. We're proud to stand in solidarity with breast cancer warriors and survivors. At Kenpong Travel & Tours, we believe that everyone deserves a chance to explore the world and create unforgettable memories. Let's prioritize health, support one another, and fight against breast cancer," said Kennedy Agyapong, CEO of Kenpong Travel & Tours. Our efforts are focused on raising awareness, promoting early detection, and supporting those affected by breast cancer. We urg...

Kofi Ahovi

Search This Blog