Ghana’s Parliament has given approval to the Ghana Accelerated National Reserve Accumulation Policy (GANRAP), establishing the country’s first broad-based national framework aimed at rapidly strengthening external reserves and securing long-term economic stability.
Finance Minister Cassiel Ato Forson announced the milestone, describing the policy as a calculated and strategic response to Ghana’s past economic vulnerabilities. He noted that the initiative is designed to build stronger financial safeguards and better position the country to withstand both domestic and international economic shocks.
According to the Minister, GANRAP provides a clear, time-bound roadmap to raise Ghana’s gross international reserves to the equivalent of 15 months of import cover by 2028. Achieving this target, he explained, will significantly reinforce Ghana’s external sector, stabilise the cedi, strengthen macroeconomic fundamentals and deepen investor confidence in the economy.
Dr Forson emphasised that the new framework signals a clear break from reliance on high-cost borrowing and temporary reserve accumulation measures. Instead, the policy adopts a structured, reform-driven and gold-backed strategy intended to deliver sustainable reserve growth while reducing exposure to global financial turbulence.
He added that the reserve build-up will also serve as a strategic financial buffer — described as an “economic war chest” — to cushion the country in periods of commodity price volatility, external shocks or global downturns, while supporting long-term development planning.
The Minister further indicated that the successful implementation of GANRAP will require disciplined fiscal management, enhanced revenue mobilisation and stronger coordination between monetary and fiscal authorities.
Dr Forson expressed appreciation to Ghanaians for their continued support and reaffirmed the commitment of the administration of John Dramani Mahama to safeguarding the nation’s economic future and entrenching sustainable growth.
Source: Wesleyannews.com
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