GoldBod targets 3 Tonnes of Gold weekly under new reserve accumulation programme
The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has disclosed that the government is aiming to purchase three tonnes of gold every week under the Ghana Accelerated National Reserve Accumulation Programme (GANRAP), a move expected to generate more than $400 million weekly for the economy through 2028.
Speaking on TV3’s Key Points programme on Saturday, May 9, 2026, Gyamfi explained that the programme seeks to acquire 2.45 tonnes of gold weekly from the artisanal and small-scale mining sector, while large-scale mining companies are expected to supply an additional 0.55 tonnes.
According to him, GANRAP forms part of the Mahama administration’s broader economic recovery and stabilisation agenda aimed at strengthening Ghana’s foreign reserves, stabilising the cedi, and protecting the economy against external shocks.
“We want to accumulate about 15 months of import cover so that when there is any external shock like COVID-19 or the Russia-Ukraine war, Ghana’s economy can stand the test of time,” he stated.
Gyamfi revealed that after the establishment of GoldBod in April 2025, the institution initially maintained the Bank of Ghana’s Domestic Gold Purchase Programme while undertaking reforms and restructuring within the gold trading sector.
He noted, however, that the government has now fully transitioned into GANRAP following approval by Cabinet and Parliament, with a stronger emphasis on efficiency and cost reduction.
The GoldBod CEO stated that one of the key achievements of the programme has been a sharp reduction in the cost of gold reserve accumulation.
According to him, while the previous Domestic Gold Purchase Programme operated at a cost of about 16 per cent, GANRAP has reduced the cost to 7.25 per cent, with plans to lower it further to 5 per cent next year and eventually 3 per cent.
Gyamfi also indicated that GoldBod no longer buys gold using forex bureau rates but now purchases at the interbank rate, a change he said has significantly reduced exchange rate-related losses.
He added that government has also reviewed discount arrangements on gold exports and tightened operational systems to minimise purity losses and other associated costs.
“This is about building a resilient economy at a lower cost while ensuring that Ghana derives maximum benefit from its gold resources,” he stressed.
The Ghana Accelerated National Reserve Accumulation Programme is being implemented through GoldBod as part of government’s broader strategy to reposition the gold sector as a major pillar of economic stability, foreign reserve growth, and long-term value creation for the country.
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