Government has taken a decisive step toward strengthening Ghana’s economic buffers, with Cabinet approving a new policy aimed at significantly boosting the country’s international reserves over the next three years.
Presenting the policy to Parliament on Wednesday, Finance Minister Cassiel Ato Forson announced the adoption of the Ghana Accelerated National Reserve Accumulation Policy (GANRAP), a strategy designed to shield the economy from external shocks and reduce reliance on emergency financial support.
The policy targets an increase in Ghana’s international reserves to the equivalent of 15 months of import cover by the end of 2028 — a benchmark officials say will provide a strong cushion against global market volatility and sudden capital outflows.
GANRAP is anchored on the Ghana Gold Board Act, 2025 (Act 1140), which provides the legal framework for mobilising foreign exchange through gold-related mechanisms to support reserve accumulation by the Bank of Ghana.
According to Dr Forson, the initiative is informed by Ghana’s recurring economic downturns, evolving global risks, and the country’s broader transformation agenda.
He described the plan as the creation of an “economic war-chest” to ensure self-insurance against future crises — particularly in the wake of Ghana’s recent experience with International Monetary Fund bailouts.
Speaker Alban Sumana Kingsford Bagbin subsequently referred the policy document to Parliament’s Finance Committee for detailed scrutiny. A full-scale debate on the proposal is scheduled to begin on February 26.
If approved, the policy is expected to strengthen Ghana’s external position, enhance investor confidence, and provide a more stable foundation for long-term financial resilience.
