Parliament Passes GANRAP to Build 15 Months Import Cover by 2028

Ghana’s Parliament has passed the Ghana Accelerated National Reserve Accumulation Policy (GANRAP), the country’s first comprehensive national framework aimed at fast-tracking the build-up of external reserves and strengthening long-term economic stability.

Finance Minister Dr. Cassiel Ato Forson announced the development in a Facebook post, describing GANRAP as a deliberate and strategic intervention to reinforce Ghana’s financial buffers and shield the economy from future shocks.

Target: 15 Months of Import Cover

According to Dr. Forson, GANRAP provides a clear and measurable roadmap to increase Ghana’s international reserves to the equivalent of 15 months of import cover by 2028.

The target is designed to:

• Strengthen Ghana’s external position

• Improve macroeconomic stability

• Boost investor confidence

• Enhance exchange rate resilience

By significantly expanding reserve buffers, government aims to reduce vulnerability to global economic turbulence and currency pressures.

A Shift Away from Costly Borrowing

Dr. Forson explained that the policy represents a decisive departure from heavy reliance on expensive borrowing and short-term reserve accumulation strategies.

Instead, GANRAP adopts what he described as a structured, gold-backed and reform-driven framework intended to:

• Enhance resilience against external shocks

• Reduce dependence on volatile capital flows

• Build a sustainable economic buffer

• Support long-term growth

He characterised the initiative as the creation of an “economic war chest” to protect national stability.

Strengthening Economic Credibility

The passage of GANRAP signals government’s broader strategy to restore confidence in Ghana’s economic management following recent fiscal and external pressures.

By committing to a long-term reserve accumulation plan, the administration of President John Dramani Mahama aims to:

• Anchor macroeconomic policy

• Support exchange rate stability

• Reinforce Ghana’s creditworthiness

• Improve investor sentiment

Dr. Forson expressed gratitude to Ghanaians for their support and reaffirmed the government’s commitment to safeguarding the country’s economic future.

If implemented effectively, GANRAP could mark a significant structural shift in Ghana’s approach to external reserve management, positioning the country for greater resilience in an increasingly volatile global economy.

Source: Accra Business News