Government targets 127 tonnes of small-scale gold yearly under new reserves policy
Finance Minister Cassiel Ato Forson has announced plans for the Ghana Gold Board to buy up to 127 tonnes of gold annually from artisanal and small-scale miners, as part of a new national policy aimed at strengthening Ghana’s external reserves.
Speaking in Parliament of Ghana while unveiling what he described as the country’s first comprehensive reserves-building policy, Dr Forson said the initiative is designed to safeguard the economy and ensure stable participation in the gold market.
“Over the next three years, the Ghana Gold Board aims to mop up about 127 tonnes of ASM gold per annum,” he told Parliament.
“To achieve this objective efficiently, the following policy measures will be implemented in the artisanal small-scale mining sector.”
According to the Finance Minister, one of the key steps will be providing the Gold Board with enough funding to enable it to purchase gold continuously 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.
He also announced a major shift in how small-scale gold is marketed and sold, beginning in 2026.
“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,” Dr Forson added.
The policy forms part of the government’s broader strategy to rebuild Ghana’s external reserves, stabilise the cedi, and reduce pressure on foreign exchange, especially after years of economic strain and an IMF-supported recovery programme.
Artisanal and small-scale mining remains a major contributor to Ghana’s gold output, but the sector has long faced challenges, including illegal mining, smuggling, and weak regulation. Large volumes of gold are often traded outside formal channels, limiting the country’s ability to benefit fully from the resource.
By centralising the purchase and sale of ASM gold under the Ghana Gold Board, the government hopes to improve transparency, increase official gold exports, and boost foreign exchange inflows.
Dr Forson said the new approach would also help protect small-scale miners from exploitative middlemen, while ensuring the state earns more from gold production.
