BY VALENTIA TETTEH
Government has announced plans to implement the Ghana Accelerated National Reserve Accumulation Policy (GANRAP) aimed at increasing the country’s international reserves to the equivalent of 15 months of import cover by the end of 2028.
The policy, which will be anchored on the operations of the Ghana Gold Board, is expected to raise reserve levels to about 8.6 months of import cover by the end of 2026 as part of efforts to strengthen Ghana’s resilience to external economic shocks.
Presenting a statement on the floor of Parliament on Wednesday, February 25, 2026, the Minister for Finance, Dr. Cassiel Ato Forson, said Cabinet had approved the policy as a strategic response to global economic uncertainties and Ghana’s past macroeconomic challenges.
“To strengthen Ghana’s resilience to economic shocks, Cabinet has approved the Ghana Accelerated National Reserve Accumulation Policy,” the Finance Minister told Parliament.
Dr. Forson explained that the policy is anchored on the objectives of the Ghana Gold Board Act, 2025 (Act 1140), which mandates the Gold Board to generate foreign exchange and support gold reserve accumulation by the Bank of Ghana.
According to the Finance Minister, Ghana’s previous reliance on short-term financing arrangements and Eurobond borrowing to build reserves contributed to the country’s debt challenges.
“Over the last decade, the country has relied largely on costly swaps, sale and buy-backs and other short-term facilities as well as Eurobond borrowings to build international reserves, resulting in significant debt service obligations,” he said.
He noted that these developments contributed to the unsustainable debt situation in 2022, which eventually led to debt restructuring and Ghana’s request for an IMF-supported programme.
Dr. Forson added that traditional sources of foreign exchange such as cocoa and crude oil have become less reliable due to price volatility, climate risks, declining production and limited value addition.
The Finance Minister explained that the new policy seeks to move beyond the conventional reserve adequacy benchmark of three months of import cover, citing growing global uncertainties.
“Government therefore seeks to accumulate a strategic buffer beyond the conventional reserve adequacy levels and build an ‘economic war-chest’ of 15 months of import cover by end-2028,” he stated.
He said the policy aims to safeguard macroeconomic stability, sustain confidence in the currency, reduce exposure to external shocks, and support long-term economic transformation.
Government believes the policy will strengthen Ghana’s external position and provide a stronger first line of defence against global economic disruptions.
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