The Minister for Finance, Dr. Cassiel Ato Forson, has announced plans to increase Ghana’s international reserves to 15 months of import cover by the end of 2028 under a new accelerated reserve accumulation policy.
Addressing Parliament on Wednesday, February 25, the Minister said the policy is aimed at safeguarding macroeconomic stability while supporting long-term structural transformation. He noted that strengthening the country’s reserve buffers would enhance Ghana’s capacity to withstand external economic shocks.
According to him, Ghana’s gross international reserves stood at 5.7 months of import cover at the end of 2025, leaving a gap of 9.3 months to meet the 15-month target. To bridge this gap, the government is aiming to accumulate an average of 3.1 months of import cover annually over the next three years.
He indicated that the policy, which will be anchored on the operations of the Ghana Gold Board, is expected to raise reserves to at least 8.6 months of import cover by the end of 2026 as an intermediate milestone.
“To achieve the reserve accumulation target, the GANRAP has set an operational weekly gold purchase target of approximately 3.02 tonnes. At 3.02 tonnes per week and a price of US$5,000 per ounce, annual gross receipts are projected at approximately US$25.28 billion. Ghana’s strategy for the acquisition of the 3.02 tonnes of gold per week is twofold,” he said.
