President John Dramani Mahama has highlighted the potential of rising gold prices to reinforce Ghana’s economic stability and secure long-term prosperity for its citizens.
Delivering the State of the Nation Address in parliament on Friday, February 27, he said the current forecast for high gold prices over the next three years presents “a unique opportunity to build an economic war chest to withstand any global shocks, improve living standards, and create lasting prosperity for future generations.”
The remarks come as Parliament approved the Ghana Accelerated National Reserve Accumulation Policy (GANRAP), aimed at bolstering international reserves to cover 15 months of imports by 2028.
Finance Minister Cassiel Ato Forson presented the policy, anchored on the Ghana Gold Board Act, which empowers the Gold Board to generate foreign exchange and support reserve accumulation through the Bank of Ghana.
Under the programme, Ghana is expected to achieve 8.6 months of import cover by the end of 2026, 11.8 months by 2027, and reach the 15-month target by 2028. The initiative also includes structural reforms to expand foreign exchange inflows and curb persistent outflows, strengthening the cedi and enhancing overall macroeconomic resilience.
Mahama said the GANRAP policy underscores the administration’s commitment to using Ghana’s natural resources strategically to shield the economy from external shocks and build confidence in the country’s economic management framework.
