Cabinet OKs Reserve Boost Plan (GANRAP Targets 15 Months Import Cover by 2028)
Ato Cassiel Ghana’s Minister of Finance, Forson, has said that the Cabinet has approved the Ghana Accelerated National Reserve Accumulation Policy (GANRAP). This is a strategic plan to make the country more resilient to economic shocks from outside by increasing international reserves to cover 15 months of imports by the end of 2028. Dr. Forson spoke in Parliament and said that the policy, which is based on the Ghana Gold Board Act, 2025 (Act 1140), aims to bring in foreign currency to help the Bank of Ghana build up its gold reserves and create a “economic war chest” to protect against sudden capital reversals and future crises, so that the country doesn’t have to rely on International Monetary Fund bailouts as much. He said that GANRAP is based on Ghana’s history of economic downturns, recent macroeconomic trends, global risk assessments, and the country’s long-term plan for change. Alban Sumana Kingsford Bagbin, the Speaker of Parliament, has sent the policy paper to the Finance Committee to look over. A full debate will start on February 26.
