The agreement aims to strengthen Ghana's international reserves and build a substantial buffer against external shocks. Finance Minister Dr. Cassiel Ato Forson stated that the arrangement would allow a portion of gold produced by large-scale mining companies to be retained within Ghana, refined locally, and transferred to the Bank of Ghana. This move is intended to reduce the country's reliance on external borrowing, with a policy framework targeting the accumulation of reserves equivalent to 15 months of import cover over the medium term.
Minister for Lands and Natural Resources, Hon. Emmanuel Armah-Kofi Buah, welcomed the agreement, pledging continued cooperation and acknowledging the need for flexibility in addressing challenges during implementation. Governor of the Bank of Ghana, Dr. Johnson Pandit Asiama, described the 30 percent commitment as a meaningful contribution to national development, affirming the central bank's commitment to successful implementation.
The Ghana Chamber of Mines, represented by CEO Ing. Dr. Kenneth Ashigbey, expressed support for the policy, emphasizing that a stable macroeconomic environment is crucial for the mining sector's growth. The Chamber also welcomed the objective of establishing internationally accredited gold refineries in Ghana. However, Dr. Ashigbey urged the government to consider making the policy more incentive-driven to ensure local beneficiation remains sustainable beyond the current program, suggesting Ghana could learn from countries like Tanzania, India, and South Africa to become a regional gold refining hub.
This agreement is part of broader government efforts to retain greater value from Ghana's gold resources, strengthen foreign exchange reserves, and deepen local value addition in the mining sector. GoldBod has already established refinery partnerships to facilitate domestic gold refining before export.