President Mahama Highlights Gold Price Surge as “Unique Opportunity” to Build $100B+ Economic War Chest Under GANRAP
Delivering his 2026 State of the Nation Address to Parliament today, President John Dramani Mahama described the current historic rise in global gold prices as a “unique opportunity” for Ghana to accelerate reserve accumulation, shield the economy from future shocks, improve living standards, and secure long-term prosperity for current and future generations.
The President’s remarks came shortly after Parliament approved the Ghana Accelerated National Reserve Accumulation Policy (GANRAP) — a landmark strategic framework presented earlier in the session by Finance Minister Dr. Cassiel Ato Forson.
The policy targets a dramatic increase in Gross International Reserves to the equivalent of 15 months of import cover by the end of 2028 — a level far exceeding the conventional 3-month adequacy benchmark.
Projected milestones:
- End-2026: 8.6 months of import cover
- End-2027: 11.8 months
- End-2028: 15 months
The initiative is explicitly anchored on the Ghana Gold Board Act, 2025 (Act 1140), which mandates the Ghana Gold Board to generate foreign exchange and channel proceeds into reserve accumulation at the Bank of Ghana.
President Mahama emphasised that record-high gold prices, driven by global uncertainties, present Ghana with a rare window to build a substantial buffer:
“This is a unique opportunity to build an economic war chest to withstand any global shocks, improve living standards, and create lasting prosperity for future generations.”
The strategy combines:
- Aggressive gold-for-reserves purchases and monetisation
- Structural reforms to expand foreign exchange inflows (remittances, non-traditional exports, tourism)
- Measures to curb persistent foreign exchange outflows
- Fiscal discipline to maintain macroeconomic credibility
The President linked the policy directly to recent gains: a current account surplus of $9.1 billion (8.1% of GDP) in 2025, cedi appreciation of over 40% against the US dollar, and the full settlement of major legacy obligations (including $500 million in gas arrears to ENI and Vitol).
The address framed GANRAP as part of a deliberate shift “from planning to action,” reinforcing Ghana’s return to stability and investor confidence after years of volatility. Mahama reiterated that the administration chose “discipline over waste, reform over excuses, and stability over speculation,” positioning Ghana to capitalise on favourable commodity cycles while addressing structural vulnerabilities.
The policy now moves to implementation phase, with the Bank of Ghana, Ghana Gold Board, Ministry of Finance, and other agencies expected to coordinate aggressive reserve-building operations in the months ahead.
