Ghana Targets 15-Month Import Cover by 2028 Under New Reserve Accumulation Strategy
Government has unveiled an ambitious policy framework, the Ghana Accelerated National Reserve Accumulation Policy (GANRAP), aimed at building a financial buffer equivalent to 15 months of import cover by the end of 2028.
Presenting the policy to Parliament on Wednesday, Finance Minister Cassiel Ato Forson described GANRAP as a strategic departure from what he termed the “unsustainable” practice of borrowing to shore up the country’s external reserves.
According to him, the new framework will leverage Ghana’s gold resources rather than rely on Eurobond issuances and costly foreign exchange swaps.
Dr. Forson disclosed that government intends to add an average of US$9.5 billion annually to gross international reserves. This, he explained, will be funded through the purchase of approximately 3.02 tonnes of gold per week.
The accumulation strategy will be executed through the Ghana Gold Board, which will acquire gold from the small-scale mining sector. In addition, government will invoke a state pre-emptive right to purchase 20% 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 model of building reserves through external borrowing had imposed significant costs on the economy, noting that Eurobond issuances and swap arrangements had saddled the country 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 end-2026, 11.8 months by 2027, and ultimately reach the 15-month benchmark by end-2028.
The policy forms part of broader efforts to strengthen external buffers, stabilise the cedi, and enhance investor confidence in Ghana’s macroeconomic framework.
