By Leo Nelson
Ghana has unveiled an ambitious strategy to dramatically strengthen its financial shield against external shocks, with the government targeting international reserves equivalent to 15 months of import cover by the end of 2028.
The initiative, known as the Ghana Accelerated National Reserve Accumulation Policy (GANRAP), forms part of a broader economic reform agenda aimed at boosting foreign exchange stability, strengthening investor confidence and protecting the economy from global uncertainties.
Presenting the Mid-Year Budget Review to Parliament on Thursday, July 24, Finance Minister Dr Cassiel Ato Forson disclosed that the government had developed the reserve accumulation framework as a key pillar of its economic transformation programme.
“The government developed and is implementing the Ghana Accelerated National Reserve Accumulation Policy, GANRAP, with the objective of increasing Ghana’s international reserve to the equivalent of 15 months of import cover by the end of 2028.”
The announcement comes at a time when countries across the world are strengthening their external buffers amid rising global economic uncertainties, currency pressures and unpredictable commodity markets.
Gold Strategy Powers Reserve Accumulation Drive
A major component of Ghana’s reserve-building strategy has been the government’s intervention in the gold sector through the establishment of the Ghana Gold Board.
According to Dr Forson, the policy has significantly transformed Ghana’s foreign exchange position by increasing inflows from gold exports.
“Through this intervention, Ghana generated an additional 15 billion USD in foreign exchange inflows from gold, significantly strengthening reserve accumulation and supporting exchange rate stability,” he told Parliament.
The Finance Minister explained that the gold policy was not only about improving gold trading systems but also about strengthening the entire economy.
“This was not simply a gold policy. This was a macroeconomic stabilisation policy designed to strengthen the cedi, build external buffers and restore confidence in the Ghanaian economy.”
The government believes that increasing reserves will provide greater protection for the cedi by reducing excessive dependence on foreign exchange markets during periods of economic pressure.
Ghana’s Current Account Records Major Improvement
The Finance Minister also highlighted the impact of the gold reforms on Ghana’s external balance, describing the improvement as a major economic achievement.
Dr Forson revealed that Ghana’s current account balance improved significantly, moving from a surplus of 1.9% of GDP in 2024 to 8.3% in 2025.
“Mr. Speaker, this represents a four times increment of the current account surplus in just one calendar year.”
The 6.4 percentage point improvement, according to the government, demonstrates the effectiveness of policies aimed at increasing foreign exchange inflows and improving economic resilience.
The stronger current account position is expected to support reserve accumulation and reduce vulnerabilities associated with foreign exchange shortages.
Mining Sector Becomes Key Reserve Partner
In another major move, the government announced an agreement with large-scale mining companies to increase Ghana’s control over locally produced gold.
Dr Forson disclosed that mining companies had agreed to sell 30% of their annual gold production to the government for refining by local refineries.
“The government has also reached an agreement with large-scale mining companies to purchase 30% of their annual gold production for refinery by local refineries, strengthening domestic value addition and supporting reserve accumulation.”
The policy is expected to deepen Ghana’s participation in the gold value chain while creating opportunities for local refining businesses.
The government believes that refining more gold domestically will ensure that Ghana captures more value from one of its most important natural resources.
Fiscal and Monetary Coordination Takes Centre Stage
Beyond gold and reserves, the government has also introduced institutional reforms aimed at improving economic management.
Dr Forson announced amendments to the Bank of Ghana Act to strengthen cooperation between fiscal and monetary authorities.
“The government further amended the Bank of Ghana Act to make inflation targeting a shared responsibility between the Ministry of Finance and the Bank of Ghana, ensuring stronger coordination between fiscal, financial and monetary authorities.”
The move is expected to create stronger collaboration in managing inflation, exchange rate stability and broader macroeconomic conditions.
According to the government, improved coordination between the Ministry of Finance and the central bank will help ensure that economic policies work together rather than operate independently.
Reserve Target Seen as Economic Protection Shield
Achieving 15 months of import cover would represent a significant increase in Ghana’s ability to withstand external pressures.
Strong international reserves are often viewed as a critical measure of economic stability because they provide governments with resources to support essential imports, manage currency volatility and respond to emergencies.
The government’s reserve accumulation agenda is therefore expected to play a crucial role in protecting Ghana’s economy against future shocks.
However, analysts and economic observers will be closely monitoring whether the country can sustain the foreign exchange gains and maintain disciplined economic management over the coming years.
The success of GANRAP will depend on continued growth in export earnings, effective management of natural resources and policies that maintain confidence in Ghana’s economic direction.
Government Bets on Long-Term Economic Transformation
The government says the combination of gold reforms, reserve accumulation policies and stronger fiscal coordination represents a new approach to economic management.
Dr Forson emphasised that the reforms are focused on building a stronger foundation for sustainable growth.
With the target of achieving 15 months of import cover by 2028, Ghana is positioning reserve accumulation as a central strategy in its economic recovery and resilience plans.
The coming years will determine whether this ambitious target can be achieved and whether the policy measures will translate into greater stability for businesses, investors and households.