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[BUSINESS] · Ghana · 6 sources

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Part of situation: Ghana gold reforms face financial scrutiny and political row (70 clusters)

Ghana Gold Board faces scrutiny over reserve policy and reported losses

Ghana Gold Board GANRAP gold reserves illegal mining economic policy

The Ghana Gold Board (GoldBod) has launched the Ghana Accelerated National Reserve Accumulation Policy (GANRAP) to strengthen economic resilience. The policy aims to secure 30% of the nation's large-scale gold output for strategic reserves, with a goal of reaching 15 months of import cover by 2028.

However, the initiative faces significant scrutiny. An International Monetary Fund (IMF) report indicated that the Domestic Gold Purchase Programme resulted in losses exceeding US$1.7 billion in 2025, roughly 1.5% of Ghana's GDP. While economist Prof Ebo Turkson argues these are translation costs borne by the Bank of Ghana rather than operating losses for GoldBod, Minority Leader Alexander Afenyo-Markin warned the institution could become a “major scandal” without increased transparency.

Further concerns have been raised by Archbishop Nicholas Duncan-Williams, who noted that GoldBod faces opposition from powerful interests resisting regulation. He also alleged that some buyers hold records of illegal gold purchases that are not reflected in official national documentation. The debate has also highlighted the environmental impact of illegal mining, or “galamsey,” which critics say threatens the country's water bodies and farmlands.

Entities

Action Chapel International · Alexander Afenyo-Markin · Archbishop Nicholas Duncan-Williams · Bank of Ghana · Ghana · Ghana Gold Board · International Monetary Fund · Nicholas Duncan-Williams

Claims

What the coverage asserts, and how many sources carry each claim.

  • [● 2 SOURCES] The IMF reported that losses from the Domestic Gold Purchase Programme in 2025 exceeded US$1.7 billion, or approximately 1.5% of Ghana’s GDP. ghanaguardian.com · www.ghanamma.com
  • [○ 1 SOURCE] The GANRAP initiative aims to secure 30% of Ghana’s large-scale gold output for national strategic reserves. thevaultznews.com
  • [○ 1 SOURCE] Ghana aims to achieve 15 months of import cover by 2028 through the GANRAP policy. thevaultznews.com
  • [● 2 SOURCES] Archbishop Nicholas Duncan-Williams claimed GoldBod faces opposition from powerful interests resisting sector regulation. www.ghanamma.com · www.myjoyonline.com
  • [○ 1 SOURCE] Minority Leader Alexander Afenyo-Markin warned that GoldBod could become a major scandal due to lack of transparency. ghanaguardian.com

Sources

GANRAP Initiative to Improve Resilience Against External Economic Shocks - GoldBod [thevaultznews.com]
Afenyo-Markin warns GoldBod could become ‘major scandal’ [ghanaguardian.com]
Prayer Must Not Replace Action and Accountability in GoldBod Debate—Karbo to Duncan Williams [www.mynewsgh.com]
Galamsey putting future of Ghana’s children at risk – Duncan-Williams [theghanareport.com]
Pray for GoldBod; ‘very powerful movement’ opposing it – Duncan-Williams [www.ghanamma.com]
Archbishop Duncan-Williams links galamsey to Ghana’s wider culture of indiscipline [www.myjoyonline.com]