The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, says the government is using the Ghana Accelerated National Reserve Accumulation Policy (GANRAP) to build a strong financial buffer capable of protecting Ghana against future economic shocks and external disruptions.
He said the policy would enable the country to accumulate sufficient reserves through its gold resources instead of relying heavily on borrowing to shore up its foreign exchange position.
GANRAP targets an increase in Ghana’s gross international reserves to the equivalent of 15 months of import cover by the end of 2028.
The policy seeks to raise reserve cover from 5.7 months currently to 8.6 months by the end of 2026 and 11.8 months by 2027 before reaching the 15-month target in 2028.
The programme is expected to add an average of US$9.5 billion to Ghana’s gross international reserves annually through the purchase of about 3.02 tonnes of gold per week.
GoldBod will acquire gold from the small-scale mining sector, while government will also exercise its pre-emptive right to purchase 20 per cent of gold produced by large-scale mining companies.
Speaking on Twitter Spaces on Sunday, August 9, Mr Gyamfi said, “Government is using GANRAP to build enough reserves to deal with future exogenous factors and external shocks.”
He further argued that the benefits of the policy would extend beyond government finances, describing the reserve accumulation as something that could be regarded as a public good.
“GANRAP can also be factored as a public good,” he added.
Finance Minister Dr Cassiel Ato Forson, in presenting the policy to Parliament, said GANRAP represented a shift from the previous approach of using expensive swaps and Eurobond borrowing to build reserves.
He described the initiative as an effort to build an “economic war-chest” to help Ghana withstand global economic shocks, safeguard macroeconomic stability and sustain the economic gains achieved.
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