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Finance Minister outlines new gold policies to boost reserves and curb smuggling
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Finance Minister Dr. Cassiel Ato Forson has announced a set of policy measures aimed at strengthening Ghana’s foreign exchange reserves, improving gold sector governance, and reducing illegal mining and smuggling.
Presenting the policy directions in Parliament, he explained that government will revise the current arrangement under which the Bank of Ghana acquires 20 percent of large scale gold output.
He indicated that an Inter Agency Committee will be formed to ensure compliance by mining firms.
The committee, he noted, will be co chaired by the Ministers for Finance and Lands and Natural Resources, with membership drawn from the Governor of the Bank of Ghana, as well as the heads of the Minerals Commission and the Ghana Gold Board.
According to him, the Minister for Lands and Natural Resources will invoke the state’s preemption rights under the Ghana Gold Board Act, 2025 and the Minerals and Mining Act, 2006 to purchase a minimum of 20 percent of gold produced by large scale mining companies.
He stated that this is expected to translate into at least 0.57 tonnes of gold per week.
He stressed that the gold purchased will be in doré form and processed locally to promote value addition.
Payments, he added, will be made in cedis at the prevailing interbank exchange rate, with discount rates determined by volume.
Dr.Forson further explained that the refined gold will eventually be added to Ghana’s physical reserves, and that any future sale by the central bank will require prior approval from Cabinet and Parliament.
He maintained that these measures will improve transparency, promote local refining, and reduce acquisition costs while ensuring that mining companies meet their obligations.
Turning to the artisanal and small scale mining sector, he stated that the Ghana Gold Board will adopt strategies to purchase at least 2.45 tonnes of gold weekly through official channels.
Over the next three years, he projected that the country could mobilise about 127 tonnes of gold annually from the sector, which at current prices could generate more than 20 billion dollars in foreign exchange each year.
To achieve this, he noted that the Gold Board will secure sufficient funds to sustain market participation and assume full responsibility for signing off take agreements and selling gold procured from the sector starting March 2026.
He added that the Board will introduce risk management tools, including gold backed derivative trading and hedging programmes, to reduce market losses.
Dr.Forson also pointed to price incentives and bonuses for licensed miners as part of efforts to discourage smuggling and encourage legal sales.
Beyond the gold sector, he outlined broader measures to improve foreign exchange inflows, including the expansion of non traditional exports such as cashew, shea, and rubber, as well as efforts to revive the cocoa sector.
He mentioned the development of new oil palm plantations and the acceleration of new oil field projects, including Pecan, to support export earnings.
The minister also addressed energy sector financing, noting that Ghana has historically spent about three billion dollars annually to cover shortfalls and payments to independent power producers.
He explained that the proposed Gas to Power Transformation Policy, which includes the construction of a state owned 1,200 megawatt power plant and a second gas processing facility, will help conserve foreign exchange.
Dr.Forson emphasised that maintaining fiscal discipline, particularly achieving a primary surplus, remains critical to slowing the depletion of the country’s reserves.
By: Jacob Aggrey
The 29th Annual Dagaaba-Frafra Friendly Games have once again demonstrated that sports can be a powerful vehicle for cultural preservation, business networking, friendship and peaceful coexistence.
Held at the El-Wak Sports Stadium in Accra last Saturday, the games brought together members of the two ethnic groups from across Ghana and abroad for a colourful celebration under the theme, “Unity in Diversity: The Dagaaba-Frafra Model for Peaceful Co-existence.”
The event, which has evolved from a friendly football match into a major annual gathering, featured football, volleyball, sack races, lime and spoon, tug-of-peace and a penalty shootout for senior citizens.
At the end of the competitions, the Frafra won four events, while the Dagaaba secured victories in five, with the men’s soccer match ending in a draw.
The Frafra triumphed in the men’s lime and spoon, men’s sack race, women’s sack race and women’s soccer, while the Dagaaba won the women’s lime and spoon, men’s volleyball, women’s volleyball, women’s tug-of-peace and the senior citizens’ penalty shootout.
However, the games extended far beyond the sporting arena. The stadium grounds and surrounding spaces became a vibrant marketplace, with patrons enjoying and purchasing a variety of traditional foods, drinks and cultural products.
Local delicacies, including TZ, tubaani, bambara beans, pork, guinea fowl, local fowls, dog meat and kosie, were sold alongside traditional alcoholic beverages. Traditional dresses and other culturally inspired items also attracted buyers, turning the gathering into an important platform for small businesses and vendors to make sales while promoting northern Ghanaian culture.
The cultural exchange continued long after the final sporting contests, as patrons remained at the venue to eat, drink, socialise, dance and party well into the night.
In her remarks, the Guest of Honour, Dr Matilda Aberese-Ako, said the gathering represented much more than competition, describing the Dagaaba-Frafra relationship as a historic bond that had evolved into a modern sporting tradition and an instrument for peace.
MTN Ghana has been the headline sponsor for the games for the past 10 years.
By Gordon Wellu
By Gordon Wellu
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MTN Ghana has undertaken a tree-planting exercise at the Chipa Forest Reserve as part of its commitment to protecting the planet and support the restoration of degraded sections of the forest.
The activity forms part of the company’s 2026 Sustainability Month celebration held under the theme “Small Actions: Big Impact,” and its 30th anniversary celebration.
It was held in partnership with the Forestry Commission (FC) and the Rainforest Alliance with MTN Ghana supporting the restoration of approximately two hectares of degraded forest through the planting of 1,666 trees.
Due to the current dry weather conditions, 833 trees were planted during the exercise, with the remaining 833 to be planted when the rain commences.
The exercise brought together MTN employee volunteers, officials from the Forestry Commission and representatives of the Rainforest Alliance, demonstrating the importance of collaboration in driving environmental sustainability.
Speaking at the event, the Acting General Manager for Sustainability and Shared Value at MTN Ghana, Georgina Asare Fiagbenu, emphasized the critical role trees play in sustaining life and protecting the environment.
“Trees are essential to human survival and healthy ecosystems. They absorb carbon dioxide, release oxygen, regulate temperatures, protect soil, support biodiversity and provide habitats for many species. They also conserve water, reduce erosion and help communities adapt to the effects of climate change,” she said.
The District Manager of the Tema-Ada Forest Services Division of the Forestry Commission, Linda Ansah, welcomed MTN Ghana’s support, describing it as a valuable contribution to efforts aimed at restoring degraded sections of the reserve.
The Country Director of the Rainforest Alliance, Nicholas Jengri, also welcomed the partnership and emphasised the importance of collective action in addressing environmental challenges.
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