Finance Minister Dr. Cassiel Ato Forson Presents Ghana Accelerated National Reserve Accumulation Policy (GANRAP) to Parliament

Finance Minister Dr. Cassiel Ato Forson has announced that Ghana’s current Gross International Reserves exceed the traditional benchmark of three months of import cover, but stressed that this level remains insufficient to provide robust self-insurance against severe economic shocks and disruptive exchange rate volatility, such as the sharp cedi depreciation experienced in 2022–2023.

Presenting the Ghana Accelerated National Reserve Accumulation Policy (GANRAP) to Parliament on Tuesday, February 25, 2026, Dr. Forson outlined a bold strategic plan to significantly strengthen the country’s external resilience by targeting 15 months of import cover by the end of 2028.

Key Highlights from the Minister’s Presentation

• Current Reserve Position While reserves are above the conventional three-month threshold, the Minister emphasised that this level offers limited protection against major external shocks, including commodity price swings, global financing volatility, geopolitical tensions, climate disruptions, and regional security risks.
• Rationale for Ambitious Target Dr. Forson noted that global uncertainties have driven gold prices to historic highs, presenting a unique opportunity for Ghana to capitalise on its gold resources to build a substantial buffer. He described the proposed 15-month target as an “economic war-chest” to safeguard macroeconomic stability, break the cycle of recurring downturns, sustain confidence in the cedi, and boost investor confidence.
• Policy Anchor The strategy is firmly anchored on the Ghana Gold Board Act, 2025 (Act 1140), which mandates the Ghana Gold Board to generate foreign exchange and support gold reserve accumulation by the Bank of Ghana.
• Strategic Objectives The GANRAP aims to:
  • Protect against external shocks and currency volatility
  • Enhance Ghana’s first line of defence in crisis scenarios
  • Ensure long-term external sector stability
  • Position Ghana as more resilient in a volatile global environment

The Minister acknowledged progress made in reserve rebuilding during 2025 but warned that conventional reserve adequacy levels are no longer sufficient in today’s unpredictable global landscape.

The presentation of GANRAP to Parliament marks a significant policy shift toward proactive, accelerated reserve accumulation, leveraging Ghana’s gold endowment and disciplined fiscal management to build a stronger external buffer over the next three years.

Further details on implementation timelines, funding mechanisms, and coordination with the Bank of Ghana are expected to be elaborated as the policy moves through legislative and stakeholder consultation processes. The government has positioned the initiative as central to long-term economic stability and investor confidence in Ghana.