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May 4, 2026
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Government engages large-scale mining companies on GANRAP
Money
Policy
Opportunity
Growth
Key Points
- Ghana is implementing its Accelerated National Reserve Accumulation Policy (GANRAP) to strengthen national reserves.
- The primary goal of GANRAP is to support a more stable Ghanaian cedi and reinforce the country's external buffers.
- This policy involves a reformed gold acquisition framework and stronger compliance mechanisms.
- Finance Minister Dr. Cassiel Ato Forson and Lands Minister Emmanuel Armah-Kofi Buah co-chaired an engagement with large-scale mining companies and other stakeholders.
- The government emphasized a partnership approach with the mining industry, describing the policy as "pro-country" and not anti-industry.
Why This Matters
This policy is crucial for Ghana as it directly addresses the nation's economic stability and resilience against external shocks. By bolstering foreign exchange reserves and stabilizing the cedi, Ghana aims to mitigate inflation and improve the cost of living for its citizens. This initiative could significantly enhance investor confidence and facilitate more effective long-term economic planning.
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GoldBod denies GH¢1bn BoG overdraft claim, demands retraction and apology from Boako
- The Ghana Gold Board (GoldBod) has vehemently denied claims by MP Dr. Gideon Boako that it owes the Bank of Ghana (BoG) a GH¢1 billion overdraft.
- Dr. Boako, a Deputy Ranking Member on Parliament’s Finance Committee, questioned GoldBod's reported GH¢907 million profit, stating an outstanding overdraft would reflect a loss.
- GoldBod labeled Dr. Boako’s claim as “totally false,” a “deliberate and malicious smear campaign,” and demanded a retraction and apology.
- This dispute is set against a broader political and economic debate concerning GoldBod’s financial performance and the accounting treatment of GH¢22 billion losses from the Domestic Gold Purchase Programme (DGPP).
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GoldBod losses remain key on Minority agenda as Parliament reconvenes – Afenyo-Markin
- The NPP Minority Leader, Alexander Afenyo-Markin, reaffirmed the caucus's commitment to investigate a reported US$1.7 billion loss linked to the Bank of Ghana’s Domestic Gold Purchase Programme and the Ghana Gold Board (GoldBod).
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Why celebrate $2.62bn FDI while losing $1.7bn under the Domestic Gold Programme? IERPP asks
- The Institute of Economic Research and Public Policy (IERPP) welcomes Ghana's US$2.62 billion Foreign Direct Investment (FDI) as a sign of investor confidence.
- However, IERPP tempers this optimism with concern over an estimated GH¢22 billion (US$1.7 billion) loss from the Domestic Gold Purchase Program (DGPP).
- The DGPP loss is significant, equating to about 65 cents for every US$1 of FDI attracted, highlighting a major resource management issue.
- IERPP emphasizes that while FDI is crucial, it cannot substitute for prudent management and protection of existing public resources.
- The Institute calls for greater transparency, a clear breakdown of DGPP losses, and intense scrutiny from accountability institutions, Parliament, and civil society.