L-R: Dr. Johnson Asiama, Emmanuel Kofi-Buah, Dr. Cassiel Ato Forson, Ken Ashigbey and Sammy Gyamfi
The Ministry of Finance and three other entities yesterday signed a Memorandum of Understanding (MoU) to facilitate the sale of 30 per cent of gold output from large-scale mining companies under the Ghana Accelerated National Reserve Accumulation Policy (GANRAP).
The agreement was signed by the Bank of Ghana (BoG), represented by the Governor, Dr. Pandit Asiama; Minister for Lands and Natural Resources, Emmanuel Armah-Kofi Buah; Chief Executive of the Ghana Gold Board (GoldBod), Sammy Gyamfi; and the Chief Executive of Ghana Chamber of Mines, Ken Ashigbey.
The Ghana Accelerated National Reserve Accumulation Policy, passed by Parliament, seeks to increase Ghana’s international reserves to the equivalent of 15 months of import cover by 2028, to strengthen the country’s financial buffers and protect the economy against future shocks.
Speaking at the signing ceremony on Thursday, the Minister for Finance, Dr. Cassiel Ato Forson, said the agreement would not only facilitate the implementation of the sale of 30 per cent of gold output to GoldBod for local processing and refining, but will also be transferred to the Bank of Ghana to support international reserves.
“It is my honour to inform Ghanaians and all our stakeholders that government has arrived at an understanding with the miners and the Chamber of Mines,” he disclosed.
He said following the agreement by government with the Chamber of Mines, the purchase of 30 per cent of gold output from large-scale mining companies to GoldBod would not only go a long way to attract investment into local gold refineries but also develop the industry.
Minister for Lands and Natural Resources, Emmanuel Armah-Kofi Buah, for his part, called on the Chamber of Mines to be available to address issues that may arise during the implementation, and assured the organisation of the ministry’s support at all times.
Governor of the Bank of Ghana, Dr. Johnson Pandit Asiama, said the 30 per cent gold sale under the policy will serve as a meaningful contribution to national development, and pledged the central bank’s commitment to work with all stakeholders in its implementation.
Chief Executive of the Chamber of Mines, Ken Ashigbey, who commended the government’s plan to establish LBMA-standard refineries in the country, said a stable macroeconomic environment was important to the operations of mining companies, stressing that there was however the need for an incentive-based approach to sustain the policy.
By Ebenezer K. Amponsah