Cabinet approves policy to boost Ghana’s foreign exchange reserves    

Dr Cassiel Ato Forson, the Minister of Finance, has announced that Cabinet has approved the Ghana Accelerated National Reserve Accumulation Policy (GANRAP), designed to strengthen the country’s resilience to external economic shocks.    

The policy outlines a strategic plan to raise Ghana’s international reserves, to the equivalent of 15 months of import cover by the end of 2028.    

Anchored on the Ghana Gold Board Act, 2025 (Act 1140), the GANRAP sought to generate foreign exchange to support gold reserve accumulation by the Bank of Ghana.    

Dr Forson made the announcement on the floor of Parliament on Wednesday and subsequently sought the House’s approval of the policy.   

Speaker Alban Sumana Kingsford Bagbin, referred the document to Parliament’s Finance Committee for consideration, with a full-scale debate scheduled to begin tomorrow, February 26.    

He said the policy was also informed by the country’s recurring cycles of economic downturns, recent macroeconomic developments, global risk assessments, and Ghana’s long-term transformation agenda.    

Dr Forson explained that the initiative was designed to build an “economic war-chest,” for self-insurance against sudden capital reversals and crises, following the country’s traumatic experience of relying on International Monetary Fund (IMF) bailouts.    

He stressed that by achieving the 15-month import cover target, Ghana would reduce its vulnerability to external shocks, provide solid external buffers, and support long-term financial stability.    

Source: GNA  

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