In a historic shift away from debt-driven reserve accumulation, the Ghanaian government has unveiled a bold new policy targeting 15 months of import cover by 2028, with gold serving as the cornerstone of the nation’s “economic war chest.”
Presenting the Ghana Accelerated National Reserve Accumulation Policy (GANRAP) to Parliament on Wednesday, Finance Minister Dr. Cassiel Ato Forson outlined a comprehensive framework designed to shield the economy from future global shocks and secure long-term macroeconomic stability.
The Minister framed the initiative as a decisive break from the past. Between 2017 and 2024, Ghana relied heavily on expensive Eurobonds, swaps, and commercial borrowings to prop up reserves, a strategy Dr. Forson argued contributed directly to the 2022 debt crisis. From 2022 to 2024 alone, the Bank of Ghana accumulated US$5.8 billion in reserves through swaps at a staggering cost of US$1.16 billion in interest.
“Borrowing to accumulate reserves is unsustainable,” Dr. Forson told lawmakers. “It is expensive and creates a cycle of debt.”
In contrast, GANRAP establishes a structured, gold-backed approach. The strategy is anchored on the Ghana Gold Board Act, 2025 (Act 1140), which mandates the newly formed board to generate foreign exchange and support the central bank’s gold purchases.
The Gold Target
Under the new framework, the government has set an operational target of purchasing approximately 3.02 tonnes of gold per week. This will be achieved by:
· Acquiring at least 2.45 tonnes weekly from the Artisanal Small-Scale Mining sector.
· Invoking pre-emption rights to secure a minimum of 0.57 tonnes weekly from large-scale mining companies.
The gold will be refined and added to the Bank of Ghana’s physical reserves. In a move designed to ensure fiscal discipline, any sale of the accumulated gold will require prior approval from both Cabinet and Parliament, preventing politically motivated drawdowns.
A Cost-Effective Model
The Minister highlighted the stark cost advantage of the gold-backed model, revealing that in 2025 alone, the Ghana Gold Board generated approximately US$10 billion in foreign exchange at a cost of just US$214 million—a fraction of the expense associated with previous borrowing methods.
Building on a Rebound
Dr. Forson noted that the policy builds on a significant macroeconomic recovery following the 2022-2023 crisis. Key indicators include:
· Real GDP growth averaging 6.1% in the first three quarters of 2025.
· Inflation falling sharply from 23.8% in 2024 to 3.8% in January 2026.
· Public debt declining from 61.8% of GDP to 45.3%.
· Gross international reserves rising to US$13.8 billion, equivalent to 5.7 months of import cover, up from 4.0 months in 2024.
Despite this progress, the Minister cautioned that the traditional benchmark of three months of import cover is no longer sufficient in an era of volatile commodity prices, geopolitical tensions, and climate-related disruptions.
The Roadmap to 2028
GANRAP sets out an aggressive yet structured timeline to build a robust buffer:
· End of 2026: 8.6 months of import cover
· End of 2027: 11.8 months of import cover
· End of 2028: 15 months of import cover
Dr. Forson described the ultimate goal as the creation of an “economic war chest,” providing a resilient buffer against external shocks and entrenching discipline in the nation’s reserve management for generations to come.
