In early 2026, Ghana’s Parliament approved the Ghana Accelerated National Reserve Accumulation Policy (GANRAP).
The policy was formally presented by Finance Minister Cassiel Ato Forson on February 27 and aims to strengthen international reserves while reducing dependence on short-term external financing, according to Ecofin Agency.
The move follows a period of external adjustment in 2025 after the 2022–2023 economic crisis. In the first three quarters of 2025, real GDP grew by an average of 6.1%, inflation stood at 5.4%, and the current account recorded a surplus of USD 9.1 billion.
Gross international reserves reached USD 8.24 billion, equivalent to 5.7 months of import cover. IMF balance of payments data show that between 2017 and 2023, Ghana experienced recurring current account deficits and reserve volatility, particularly in 2022.
Under GANRAP, authorities are targeting 15 months of import cover by 2028. The government projects average annual net reserve accumulation of about USD 9.5 billion, after accounting for external debt service, foreign exchange operations, energy sector obligations, and statutory outflows.
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The policy framework includes weekly gold purchases of 3.02 tonnes, estimated to generate USD 25.3 billion in annual gross receipts.
It also provides for the expansion of non-traditional exports, improved productivity in the cocoa sector, mobilisation of diaspora remittances, development of new oil fields, and reduced foreign exchange outflows in the energy sector.
According to IMF data, sustaining reserve growth will require maintaining a current account surplus, stabilising export revenues from gold, oil, and cocoa, managing net primary income outflows linked to debt service, sustaining foreign direct investment inflows, and preserving strong current transfers.
The authorities also plan to place fiscal policy under the oversight of a dedicated council to ensure coordination between fiscal policy, debt management, and reserve accumulation.
The framework is intended to anchor reserve building institutionally and reduce reliance on external borrowing.
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Image Credit: The Business & Financial Times
