• Ghana launched GANRAP, a policy targeting 15 months of import cover by 2028, up from 5.7 months recorded at end-2025
• The framework is built on weekly gold purchases of 3.02 tonnes and a net accumulation target of USD 9.5 billion per year
• The policy is designed to decouple reserve accumulation from external borrowing within a formalised institutional framework

In early 2026, Ghana’s Parliament adopted the Ghana Accelerated National Reserve Accumulation Policy (GANRAP). Formally presented by Finance Minister Cassiel Ato Forson on February 27, the initiative seeks to strengthen international reserves and reduce reliance on short-term external financing.

The launch follows a phase of external rebalancing in 2025 after the 2022–2023 economic crisis. Over the first three quarters of 2025, real GDP expanded 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’s external position was marked by recurring current account deficits and reserve volatility, particularly in 2022.

GANRAP targets 15 months of import cover by 2028. Authorities project average annual net reserve accumulation of approximately USD 9.5 billion, after accounting for external debt service, foreign exchange operations, energy sector obligations and statutory outflows.

The operational framework includes weekly gold purchases of 3.02 tonnes, estimated at USD 25.3 billion in annual gross receipts. It also предусматри 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, sustained reserve accumulation will depend on maintaining a current account surplus, stabilising export revenues concentrated in 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 coherence between fiscal policy, debt management and reserve accumulation. The framework aims to anchor reserve building institutionally, reducing dependence on external borrowing.

Cynthia Ebot Takang, Edited by Idriss Linge