Government has announced a new policy aimed at significantly strengthening Ghana’s external reserves, with a target of achieving 15 months of import cover by the end of 2028.
Presenting the framework to Parliament on Wednesday, Finance Minister Dr. Cassiel Ato Forson described the Ghana Accelerated National Reserve Accumulation Policy (GANRAP) as a bold departure from what he called the “unsustainable” practice of borrowing to shore up the country’s reserves.
According to the Minister, the new strategy will rely heavily on Ghana’s gold resources instead of Eurobond issuances and costly foreign exchange swaps, which he said have placed a heavy financial burden on the economy over the years.
Dr. Forson disclosed that government intends to add an average of US$9.5 billion annually to the country’s gross international reserves. This will be funded through the purchase of approximately 3.02 tonnes of gold per week.
The accumulation process will be executed through the Ghana Gold Board, which will acquire gold from the small-scale mining sector. In addition, government plans to invoke a state pre-emptive right to purchase 20 percent of output from large-scale mining companies.
“This is to build an ‘economic war-chest’ to withstand global economic shocks, to secure macroeconomic stability, and sustain the economic gains made,” Dr. Forson stated.
He argued that the previous approach of building reserves through external borrowing had imposed significant costs on the country, noting that Eurobond issuances and swap arrangements had saddled Ghana with billions of dollars in interest payments.
Under the policy’s medium-term targets, gross international reserves are projected to increase from the current 5.7 months of import cover to 8.6 months by the end of 2026, rise further to 11.8 months by 2027, and ultimately reach the 15-month benchmark by the close of 2028.
The policy forms part of broader government efforts to strengthen external buffers, stabilise the cedi, and enhance investor confidence in Ghana’s macroeconomic framework.
