The Chief Executive Officer (CEO) of the Ghana Gold Board (GOLDBOD), Sammy Gyamfi, has announced that the institution will no longer purchase gold using forex bureau exchange rates under the newly introduced Ghana Accelerated National Reserve Accumulation Programme (GANRAP).

Speaking on TV3 Ghana, Mr Gyamfi explained that the policy 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.

According to him, the previous Domestic Gold Purchasing Programme relied on forex bureau rates to encourage miners to sell gold to the state. However, the arrangement created substantial financial losses due to the wide gap between forex bureau and interbank exchange rates.

“We have now ended the Domestic Gold Purchasing Programme and introduced GANRAP, which is more efficient and cost-effective,” he stated.

Mr Gyamfi disclosed that GOLDBOD now purchases gold at the interbank rate instead of the forex bureau rate, a move he said has significantly reduced operational losses associated with reserve accumulation.

He noted that extensive consultations were held with miners and key stakeholders in the mining sector before the implementation of the new policy.

According to the GOLDBOD CEO, miners demonstrated patriotism and understanding after the institution explained the economic impact of maintaining the previous forex bureau rate system.

“We consulted the miners and explained that when GoldBod buys at forex bureau rates and the Bank of Ghana (BoG) 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 further explained that 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 sustain cooperation within the sector.

He said the reforms introduced under GANRAP have already reduced the overall cost of the gold purchasing programme from about 16 percent to 7.25 percent. Government, he added, is targeting a further reduction to 5 percent next year and eventually 3 percent.

Mr Gyamfi stressed that the reforms are crucial to building a stronger and more resilient economy through efficient reserve accumulation, improved gold purchasing systems, and stronger collaboration between government and stakeholders in the mining industry.

GOLDBOD continues to pursue 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, the Board says it remains committed to improving transparency, reducing gold smuggling, enhancing value retention, and creating a more sustainable and beneficial mining ecosystem for both miners and the country.