The government has launched a new strategy, the Ghana Accelerated National Reserve Accumulation Policy (GANRAP), aimed at building a financial buffer equivalent to 15 months of import cover by the end of 2028.
Presenting the policy to Parliament on Wednesday, Finance Minister Cassiel Ato Forson described it as a major shift from what he called the unsustainable practice of borrowing to accumulate reserves, toward a model anchored on Ghana’s gold resources.
According to him, the policy targets an average annual increase of about US$9.5 billion in gross international reserves. This will be supported by the acquisition of roughly 3.02 tonnes of gold per week through the Ghana Gold Board, which will purchase gold from the small-scale mining sector while the state exercises a pre-emptive right to buy 20% of output from large-scale mining companies.
Dr Forson said the objective is to create what he described as an “economic war chest” capable of shielding the country from global shocks, strengthening macroeconomic stability and sustaining recent economic gains.
He argued that previous approaches — including expensive foreign exchange swaps and Eurobond borrowing — imposed significant interest costs and could no longer be relied upon to support reserve growth.
Under the plan, reserves are projected to rise from the current 5.7 months of import cover to 8.6 months by the end of 2026, 11.8 months by 2027, and ultimately reach the 15-month target in 2028.
