Ghana’s Parliament has approved the Ghana Reserve Accumulation Policy, formally known as the Ghana Accelerated National Reserve Accumulation Policy (GANRAP), marking a significant shift in the country’s strategy to strengthen external reserves and safeguard long-term economic stability.
Announcing the development in a Facebook post, Finance Minister Dr. Cassiel Ato Forson described the policy as a “deliberate and strategic intervention” aimed at reinforcing Ghana’s financial buffers and protecting the economy from future global and domestic shocks.
The newly approved framework sets a clear target to increase Ghana’s gross international reserves to the equivalent of 15 months of import cover by 2028.
According to the Minister, the ambitious goal is designed to strengthen the country’s external position, improve macroeconomic stability, boost investor confidence and enhance exchange rate resilience.
Dr. Forson noted that the policy represents a decisive departure from past approaches that relied heavily on expensive borrowing and short-term reserve accumulation measures.
Instead, GANRAP introduces a structured and sustainable model anchored on domestic resource mobilisation, particularly through a gold-backed reserve strategy.
He explained that the framework is intended to build what he described as an “economic war chest” that will enable Ghana to better withstand commodity price shocks, global financial volatility and other external pressures that have historically destabilised the economy.
The policy is also expected to support broader economic recovery efforts by strengthening confidence among international investors and development partners, while reducing vulnerability to sudden capital outflows and currency depreciation.
Economic analysts say the passage of GANRAP comes at a critical time as Ghana continues efforts to consolidate gains from recent fiscal and monetary reforms. Stronger reserves are seen as a key pillar for sustaining exchange rate stability, moderating inflationary pressures and improving the country’s credit outlook.
Dr. Forson expressed appreciation to Ghanaians for their continued support, reaffirming the commitment of President John Dramani Mahama’s administration to safeguarding the country’s economic future.
With parliamentary approval secured, implementation of the Ghana Reserve Accumulation Policy is expected to begin immediately, positioning Ghana among a growing number of countries adopting structured, long-term frameworks to strengthen economic resilience and secure sustainable growth.
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