Ghana is working to build a stronger financial shield against future economic shocks, with government targeting enough foreign exchange reserves to cover 15 months of imports by 2028 under a new reserve accumulation strategy.
The initiative, known as the Ghana Accelerated National Reserve Accumulation Policy (GANRAP), forms part of government’s broader effort to strengthen the country’s external position, protect the cedi and reduce vulnerability whenever global pressures hit.
Presenting the 2026 Mid-Year Fiscal Policy Review to Parliament, Finance Minister Dr. Ato Forson said building stronger reserves has become a key part of Ghana’s economic transformation agenda.
According to him, the strategy is designed to ensure Ghana has a stronger buffer of foreign currency to support the economy during periods of uncertainty.
The move follows years in which Ghana’s foreign exchange position has come under pressure from global shocks, including rising import costs, commodity price swings and increased demand for dollars.
Dr. Forson said the government’s recent gold strategy, through the establishment of the Ghana Gold Board (GoldBod), has already helped improve Ghana’s foreign exchange position by bringing more gold export proceeds into the formal economy.
Through the intervention, he said Ghana generated an additional US$15 billion in foreign exchange inflows, strengthening reserve accumulation and supporting exchange rate stability.
“This was not simply a gold policy,” Dr. Forson told Parliament.
“It was a macroeconomic stabilisation policy designed to strengthen the cedi, build external buffers and restore confidence in the Ghanaian economy.”
He said the impact was reflected in Ghana’s external position, with the current account balance improving from a surplus of 1.9% of GDP in 2024 to 8.3% of GDP in 2025, an improvement of 6.4 percentage points in one year.
The Finance Minister described the improvement as a major shift in Ghana’s ability to generate and retain foreign exchange.
However, he stressed that strengthening reserves requires a deliberate long-term approach rather than relying only on temporary improvements in commodity earnings.
Under GANRAP, government aims to steadily accumulate reserves until Ghana has enough foreign currency holdings to cover 15 months of imports by the end of 2028.
A larger reserve buffer gives a country more protection during difficult periods by providing resources to support essential imports, manage external shocks and reduce pressure on the local currency.
After years of cedi volatility and external pressures, the reserve accumulation drive represents an attempt to create a stronger economic cushion, one that allows Ghana to withstand global storms without returning to emergency measures.
