Parliament has approved the Ghana Accelerated National Reserve Accumulation Policy (GANRAP), a rebranded and expanded version of the earlier Gold for Reserves initiative, setting the stage for a major shift in how the country builds and protects its foreign exchange buffers.

The new framework, presented to the House by the Minister for Finance, Dr Cassiel Ato Forson, is aimed at strengthening Ghana’s external reserves and insulating the economy from global shocks. The government says the policy represents a decisive break from the past practice of borrowing to shore up international reserves, opting instead to leverage the country’s gold resources to reinforce macroeconomic stability.

Addressing Parliament, Dr Forson announced that the government is targeting reserves equivalent to 15 months of import cover by the end of 2028.

To achieve this, GANRAP projects the addition of an average of US$9.5 billion annually to gross international reserves through the weekly purchase of approximately 3.02 tonnes of gold.

Under the policy framework, the Ghana Gold Board (GOLDBOD), operating under the Ghana Gold Board Act, 2025, will be responsible for procuring gold from the small-scale mining sector. In addition, the state will exercise a pre-emptive right to acquire up to 20 per cent of output from large-scale mining companies to support reserve accumulation.

Dr Forson described GANRAP as an “economic war-chest” designed to provide self-insurance against sudden capital reversals, commodity price swings and global financial crises.

He noted that Ghana’s history of recurring economic downturns and reliance on International Monetary Fund bailouts highlights the urgency of building strong domestic buffers.

“This is about breaking the cycle of vulnerability,” he told lawmakers, arguing that mobilising domestic gold resources to build reserves would reduce exposure to volatile capital flows and external shocks while supporting exchange rate stability.

Debate on the policy drew contributions from both the Majority and Minority sides of the House.

Some members of Parliament’s Finance and Economy Committees commended former Vice-President Mahamudu Bawumia for laying the conceptual foundation for a gold-backed reserve accumulation strategy under the earlier Gold for Reserves (G4R) programme.

They observed that GANRAP reflects elements of the G4R framework, particularly its emphasis on using domestic gold resources to stabilise the currency and rebuild investor confidence.

The Deputy Minister for Finance, Thomas Ampem Nyarko, acknowledged during proceedings that the concept was not entirely new, noting that aspects of the strategy had been discussed under previous administrations.

Several lawmakers described the policy as a demonstration of the need for continuity in national economic planning, especially in matters affecting macroeconomic stability and investor confidence.

Beyond gold procurement by GoldBod, the Bank of Ghana is expected to play a central role in reserve accumulation. Projections indicate that at least 170 tonnes of gold could be acquired annually from artisanal miners to bolster the country’s reserves.

The government maintains that raising reserves to 15 months of import cover will significantly strengthen Ghana’s external position, enhance resilience to external shocks and support long-term financial stability.

With parliamentary approval secured, GANRAP becomes a central pillar of the country’s economic strategy, anchoring a transition from debt-driven reserve accumulation to a gold-backed model aimed at sustaining stability and restoring confidence in the Ghanaian economy.