Mahama: Ghana’s Gold to Build ‘Economic War Chest’ (New Policy Targets Stability, Prosperity)
President John Dramani Mahama has announced plans to use Ghana’s gold resources to create a “economic war chest” that will protect the country from future financial shocks and help it become more prosperous in the long term. He said in his State of the Nation Address that high global gold prices that last for a long time give Ghana a chance to stabilize the cedi, raise living standards, and make the economy more resilient. The Ghana Gold Board (GoldBod) is the main part of this plan. It is in charge of buying up to 127 tons of gold each year from licensed artisanal and large-scale miners. In the last ten months, Ghana has exported 103 tons of gold, which brought in more than $10 billion in foreign exchange. This helped the country’s international reserves reach $13.8 billion. The Ghana Accelerated National Reserve Accumulation Policy (GANARAP) will make gold exports official, stop smuggling, and build up reserves. This will help keep the economy stable and give the country more control over its natural resources.
