Ghana is set to significantly bolster its international reserves under a new government policy aimed at achieving 15 months of import cover by the end of 2028, Finance Minister Dr. Cassiel Ato Forson has announced.
Speaking in Parliament on Wednesday, February 25, Dr. Forson said the Accelerated Reserve Accumulation Policy (GANRAP) is designed to strengthen the country’s macroeconomic resilience and provide a buffer against external shocks while supporting long-term structural transformation.
Currently, Ghana’s reserves cover 5.7 months of imports, leaving a gap of 9.3 months to meet the target. The government plans to close this gap by accumulating an average of 3.1 months of import cover per year over the next three years, with an intermediate milestone of 8.6 months by the end of 2026.
Dr. Forson explained that the strategy will rely heavily on the operations of the Ghana Gold Board, with a weekly gold purchase target of 3.02 tonnes. At an estimated price of US$5,000 per ounce, these weekly acquisitions are projected to generate around US$25.28 billion in annual gross receipts, providing a substantial boost to Ghana’s reserves.
The Finance Minister emphasized that the policy underscores the government’s commitment to economic stability and positions Ghana to better withstand global financial uncertainties while leveraging its gold resources to secure long-term fiscal strength.
