The Minister for Finance, Dr. Cassiel Ato Forson, has announced that the Bank of Ghana and the Ghana Gold Board will sign a formal agreement requiring the Gold Board to channel all foreign exchange earnings from its gold purchase programme to the central bank.
Addressing Parliament on Wednesday, February 25, 2026, Dr. Ato Forson said: “Mr Speaker, 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.”
He explained that the move is aimed at strengthening Ghana’s foreign exchange reserves and ensuring coordinated management of gold-derived forex inflows.
The Finance Minister also directed the Gold Board to improve operational efficiency.
“The Ghana Gold Board is mandated to employ trading reforms to reduce its operating cost,” he said.
As part of structural reforms in the gold value chain, Dr. Ato Forson revealed plans to modernise gold processing infrastructure.
“The Ghana Gold Board will facilitate the establishment of modern LBMA-compliant processing plants in partnership with private investors to optimize recovery, particularly in the ASM sector and promote sustainability,” he noted.
Turning to illegal mining, commonly known as galamsey, the Finance Minister highlighted ongoing efforts to restore degraded water bodies.
“Special efforts in the form of a nationwide water-body cleansing campaign within designated mining areas will be undertaken by the Ghana Armed Forces,” he stated.
He added that the National Anti-Illegal Mining Operations Secretariat (NAIMOS) will scale up enforcement measures.
“Mr Speaker, the National Anti-Illegal Mining Operations Secretariat shall intensify its activities against illegal mining, especially illegal mining activities in water bodies and forest reserves,” he stressed.
Dr. Ato Forson also said the Ministry of Lands and Natural Resources, in collaboration with the Gold Board, will expand sustainability initiatives.
“The Ministry of Lands and Natural Resources and the Ghana Gold Board shall support and scale-up sustainability initiatives such as land reclamation,” he concluded.
