Cassiel Ato Forson seeks 3% discount on small-scale gold for reserves

Finance Minister Dr. Cassiel Ato Forson has proposed a 3% discount on gold purchases from the small-scale mining sector beginning in 2027. Presenting the 2027 Budget Statement on November 12, 2026, the Minister explained that the measure is intended to reduce the cost of accumulating national foreign exchange reserves. Under the new proposal, the government aims to lower the costs associated with reserve accumulation from the current 5% to 2%.

The proposal follows concerns raised by the International Monetary Fund (IMF) regarding the sustainability and fiscal burden of Ghana's existing gold purchasing program. By securing a 3% discount at the point of purchase, the government seeks to maintain its gold-buying momentum while addressing IMF recommendations for more cost-effective reserve management. Dr. Forson emphasized that the adjustment is necessary to ensure the long-term viability of the state's efforts to bolster its bullion holdings.

To facilitate the transition, the government is seeking collaboration from the National Association of Small-Scale Miners and the Licensed Gold Buyers Association. The small-scale mining sector remains a vital contributor to Ghana's economic health; for instance, the sector exported 88 tonnes of gold in January 2026 alone. This high level of output has been critical in providing the foreign exchange supply required to stabilize the Ghana cedi and strengthen the national balance sheet.

Looking ahead to the 2027 implementation, the Ministry of Finance intends to balance the need for cost reduction with the continued growth of the mining industry. The government maintains that while the purchase price will see a marginal cut, the broader economic benefits of a stable currency and robust national reserves will provide a favorable environment for all stakeholders in the gold value chain. The policy marks a strategic pivot toward more sustainable fiscal management of Ghana's natural resource wealth.