• Ghana aims to raise international reserves to 15 months of import cover by 2028 under the Ghana Accelerated National Reserve Accumulation Policy (GANRAP).

• The cedi appreciated 40.7% against the U.S. dollar in 2025, while inflation fell to 3.8% in January 2026 from 23.5% a year earlier.

• Authorities plan weekly gold purchases of about 3.02 tonnes, targeting $25.3 billion in annual gross revenues.

Ghana’s Parliament has adopted a national policy to accelerate external reserve accumulation and preserve long-term economic stability, as the cedi strengthened more than 40.7% against the U.S. dollar in 2025.

Ghana aims to increase its international reserves to the equivalent of 15 months of import cover by 2028 under a new framework called the Ghana Accelerated National Reserve Accumulation Policy (GANRAP).

The Ministry of Finance said in a statement published on February 27, that Parliament adopted GANRAP to strengthen the country’s financial buffers and shield the economy from future shocks. The ministry described the initiative as the first national framework specifically designed to accelerate external reserve accumulation and safeguard long-term economic stability.

“The objective is to significantly strengthen the country’s external position, improve macroeconomic stability, consolidate investor confidence and enhance exchange rate resilience,” the statement said.

Authorities have anchored the reform-focused policy on gold to boost resilience against global economic turbulence. Finance Minister Cassiel Ato Forson said “the new policy marks a decisive shift away from reliance on costly borrowing and short-term reserve accumulation measures.”

The announcement comes as the cedi posts strong gains. The local currency rose 40.7% against the U.S. dollar in 2025, making it Africa’s best-performing currency and the world’s second-best performer after the Russian rouble.

Meanwhile, inflation fell sharply. Data from the Ghana Statistical Service showed that inflation dropped to 3.8% in January 2026 from 23.5% in January 2025.

Although Ghana’s gross international reserves exceed the conventional three-month import cover benchmark, the Ministry of Finance said current levels do not guarantee adequate protection against economic shocks and their impact on the exchange rate.

The ministry said the country remains vulnerable to cyclical slowdowns, persistent global uncertainty, commodity price volatility, capital flow reversals, climate risks and regional insecurity.

To build reserves and meet its targets, GANRAP sets an operational weekly gold purchase target of approximately 3.02 tonnes, which authorities expect to generate annual gross revenues of $25.3 billion.

This article was initially published in French by Lydie Mobio

Adapted in English by Ange J.A de Berry Quenum