The government has announced plans to purchase up to 127 tonnes of gold annually from artisanal and small-scale miners as part of a new policy aimed at rebuilding Ghana’s external reserves and strengthening the cedi.
Finance Minister Dr Cassiel Ato Forson disclosed this in Parliament while presenting what he described as Ghana’s first comprehensive reserves-building policy. He said the Ghana Gold Board would spearhead the initiative over the next three years.
“Over the next three years, the Ghana Gold Board aims to mop up about 127 tonnes of ASM gold per annum,” Dr Forson told Parliament.
He explained that the policy is designed to safeguard the economy, ensure stable participation in the gold market, and maximise the country’s benefits from small-scale mining.
To support the plan, the Minister announced that the Gold Board would be adequately resourced to maintain consistent purchases from local miners.
“The first is that the Ghana Gold Board shall arrange enough funds to acquire about three to four weeks’ worth of gold and ensure continuous market participation,” he said.
Dr Forson also revealed that, effective March 2026, the Ghana Gold Board will take full control of the marketing and sale of all artisanal and small-scale mining (ASM) gold it procures.
“Mr Speaker, the Ghana Gold Board will assume full responsibility for the signing of off-take arrangements and the sale of all ASM gold it procures, effective from March 2026,” he added.
The initiative forms part of a broader strategy to rebuild Ghana’s foreign reserves, stabilise the cedi, and ease pressure on foreign exchange following years of economic challenges and an IMF-supported recovery programme.
Artisanal and small-scale mining remains a significant contributor to Ghana’s gold output but has long been plagued by illegal mining, smuggling, and weak regulatory oversight. A substantial portion of gold produced in the sector is traded outside formal channels, limiting state revenue.
By centralising the purchase and sale of ASM gold under the Ghana Gold Board, government officials believe transparency will improve, official gold exports will increase, and foreign exchange inflows will rise.
Dr Forson further noted that the policy would protect small-scale miners from exploitative middlemen while ensuring the state derives greater value from gold production.
