By Magdalene Andoh
The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, Esq. has announced that GoldBodwill no longer purchase gold using forex bureau exchange rates under the newly introduced Ghana Accelerated National Reserve Accumulation Programme (GANRAP).
According to Mr. Gyamfi, the shift forms part of broader reforms aimed at reducing the cost of Ghana’s gold reserve accumulation programme while improving efficiency and long-term sustainability.
Speaking on TV3 about the new framework, the GoldBod CEO explained that under the previous Domestic Gold Purchasing Programme, gold was purchased at forex bureau rates in order toencourage miners to sell to the state. However, he noted that the arrangement created significant financial losses due to the wide gap between forex bureau and interbank exchange rates.
“We have now ended the Domestic Gold Purchasing Programmeand introduced GANRAP, which is more efficient and cost-effective,” he stated.
Mr. Gyamfi disclosed that GoldBod now purchases gold at the interbank rate rather than the forex bureau rate, a move he said has drastically reduced operational losses associated with reserve accumulation.
He explained that extensive consultations had already been held with miners and other major stakeholders within the mining industry before the implementation of the policy shift.
According to him, miners demonstrated patriotism and understanding during engagements after GoldBod explained the economic impact of maintaining the previous forex bureau rate system.
“We consulted the miners and explained that when GoldBodbuys at forex bureau rates and the Bank of Ghana converts it into its books using the interbank rate, the resulting gap accounts for about 90 percent of the losses incurred under the old system,” he revealed.
Mr. Gyamfi added that in situations where the gap between the forex bureau and interbank rates exceeds one Ghana cedi, GoldBod provides miners with a bonus arrangement to cushion the difference and maintain cooperation within the sector.
He noted that the reforms under GANRAP have already reduced the overall cost of the gold purchasing programme from about 16 percent to 7.25 percent, with government targeting a further reduction to 5 percent next year and eventually 3 percent.
The GoldBod CEO stressed that the reforms are critical to building a stronger and more resilient economy through efficient reserve accumulation, improved gold purchasing systems, and stronger collaboration between government and stakeholders within the mining industry.
The Ghana Gold Board continues to deepen reforms aimed at formalising Ghana’s artisanal and small-scale mining sector through structured gold purchasing, stakeholder engagement, and responsible sourcing initiatives.
As part of its mandate, GoldBod has maintained close collaboration with small-scale miners and industry players while implementing policies designed to improve transparency, reduce smuggling, enhance value retention, and create a more sustainable and beneficial mining ecosystem for both miners and the country at large.
