Deputy Finance Minister Thomas Nyarko Ampem has dismissed concerns that the newly introduced Ghana Accelerated National Reserve Accumulation Policy could fuel illegal mining (galamsey) activities in the country.
Parliament recently approved the policy, which aims to strengthen Ghana’s international reserves to cover up to 15 months of imports by 2028. The plan includes increased accumulation of gold reserves by the Bank of Ghana.
Despite its economic objectives, some critics have raised concerns that the policy could inadvertently encourage illegal mining, popularly known as galamsey, due to a potential rise in demand for gold.
Mr. Ampem rejected the claims, stressing that the government remains resolute in its fight against the menace.
“We are going to enhance the fight against illegal mining,” he said. “There is a coordinator to ensure that it is brought out to the public so that we have support. This is an ambitious programme to accumulate reserves that can cover about 15 months of imports.”
He maintained that the reserve accumulation policy is focused on strengthening the economy and building buffers against external shocks, and not on promoting unlawful mining activities.
The deputy minister added that measures are being put in place to ensure that the gold accumulation drive is undertaken through legal and regulated channels, in line with the government’s broader strategy to sanitise the mining sector.
The Ghana Accelerated National Reserve Accumulation Policy forms part of efforts to stabilise the economy, boost investor confidence, and enhance the country’s capacity to withstand global economic uncertainties.
