The government has announced an ambitious plan for the Ghana Gold Board to mop up substantial volumes of Artisanal and Small-Scale Mining (ASM) gold as part of Ghana’s newly introduced reserves-building policy.
Presenting the country’s first comprehensive reserves-building framework in the Parliament of Ghana, Finance Minister Cassiel Ato Forson announced that the Ghana Gold Board would implement aggressive measures to purchase and channel artisanal gold through official markets.
“Mr. Speaker, over the next three years, the Ghana Gold Board will aim to mop up about 127 tonnes of ASM gold per annum.
“This, at current price levels, will generate over US$20 billion in foreign exchange for the country annually.”
Finance Minister Cassiel Ato Forson
The policy forms a key pillar of what he described as Ghana’s first comprehensive framework to strengthen gold reserves and enhance macroeconomic stability.
Weekly Target of 2.45 Tonnes
Central to the strategy is a weekly acquisition benchmark. The Finance Minister said the Ghana Gold Board would implement measures to efficiently purchase at least “2.45 tonnes of ASM gold each week” through official channels.
The move is aimed at formalising gold flows within the ASM sector, which has long been affected by informal trading networks and smuggling.
Officials believe that by offering competitive prices and ensuring transparent transactions, more miners will be encouraged to sell through authorised channels.
To ensure sustained participation in the gold market, the Ghana Gold Board will arrange sufficient funds to acquire between three and four weeks’ worth of gold at any given time.
By maintaining adequate liquidity, authorities hope to prevent supply bottlenecks and encourage licensed miners to sell through official channels rather than informal networks.
Effective March 2026, the Board will assume full responsibility for signing off-take agreements and managing the sale of all ASM gold it procures. This end-to-end trading model is expected to minimise losses and enhance returns.
Dr. Forson noted that the Board would pursue trading gains while mitigating risks associated with price volatility.
Managing Market Risks Through Hedging
As part of its strategy, the Ghana Gold Board will deploy gold-backed derivative trading programmes and hedging mechanisms to cushion against fluctuations in global gold prices.
These financial tools are designed to protect revenue streams and stabilise earnings from ASM gold exports.
In addition, the Board may introduce price incentives to discourage smuggling and attract more volumes into the formal system. Purchases at spot world market prices, along with bonuses for licensed miners, are among the measures under consideration.
Government officials argue that aligning local purchase prices with global benchmarks will reduce the incentive for illicit cross-border trade.
“The Bank of Ghana and the Ghana Gold Board shall sign an agreement which mandates the Ghana Gold Board to sell the foreign exchange accrued under this policy to the Bank of Ghana only, at a cost determined by the two parties.”
Finance Minister Cassiel Ato Forson
This arrangement is intended to strengthen Ghana’s foreign exchange reserves and support currency stability.
The Ghana Gold Board has also been directed to implement trading reforms aimed at reducing operating costs and improving overall efficiency.
Formalisation and Local Value Addition
Beyond short-term revenue gains, the policy emphasises medium-term structural reforms within the ASM sector.
Dr. Forson indicated that the Board would promote formalisation, enhance value-chain traceability and encourage local gold refining to reduce costs and maximise export returns sustainably.
Plans are also underway to facilitate the establishment of modern processing plants compliant with London Bullion Market Association standards in partnership with private investors.
Such facilities are expected to optimise gold recovery rates in the ASM sector while promoting environmentally responsible mining practices.
Recognising the environmental and security challenges associated with ASM operations, the government has outlined complementary enforcement measures.
A nationwide water-body cleansing campaign within designated mining areas will be undertaken by the Ghana Armed Forces.
Meanwhile, the National Anti-Illegal Mining Operations Secretariat (NAIMOS) will intensify efforts to combat illegal mining activities, particularly in water bodies and forest reserves.
The Ministry of Lands and Natural Resources, working alongside the Ghana Gold Board, will also scale up sustainability initiatives, including land reclamation projects.
The comprehensive approach signals a renewed attempt to integrate Ghana’s artisanal and small-scale miners into a structured and transparent gold trading framework.
If successfully implemented, the initiative could redefine the economic contribution of the ASM sector while promoting sustainability and strengthening Ghana’s macroeconomic stability.
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