The Ministry of Finance has laid before parliament a policy intended to increase Ghana’s international reserves to bolster long‑term structural transformation and macroeconomic stability.
Under the theme ‘Ghana Accelerated National Reserve Accumulation Policy’, it is aimed at increasing reserve to fifteen (15) months of import cover by end‑2028, the Minister for Finance, Cassiel Ato Forson, told Parliament on Wednesday.
To achieve this, he said intermediate targets to achieve a minimum of 8.6 months of import cover by end‑2026; exceed 11.8 months by end‑2027; and reach 15 months by end‑2028 had been set.
The progress, he said, will be reviewed annually based on realised imports, prices, production volumes, and financing conditions.
Accumulation
With the gross international reserve at 5.7 months of import cover as at the end of 2025, he is optimistic of achieving the 15-month target for 9.3 months.
“This implies an average annual accumulation of 3.1 months of import cover, over three years. In 2025, Ghana accumulated additional gross international reserves of 1.6 months of import cover. This provides momentum for the country, but must be accelerated to achieve the average 3.1 months of import cover.”
He said the strategy requires an average of US$9.5 billion annual addition to the country’s gross international reserves after netting out debt service, FX operations, energy sector payments, and statutory outflows.
“Mr Speaker, 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.”
The Finance Minister noted that Ghana’s strategy for the acquisition of the 3.02 tonnes of gold per week will be reached through the Artisanal Small-scale Mining (ASM) sector and the large-scale sector.
He explained, “The Ghana Gold Board aims to acquire a minimum of 2.45 tonnes of gold per week from the Artisanal Small-scale Mining (ASM) sector. The Ministry of Finance will be making budgetary allocations to the Ghana Gold Board to achieve the objective of the policy.”
“The Minister for Lands and Natural Resources, to invoke the preemption right under section 3(d) of the Ghana Gold Board Act, 2025 (Act 1140) and section 7 of the Minerals and Mining Act, 2006 (Act 703) to purchase a minimum of 0.57 tonnes of gold per week from the large-scale gold mining sector.”
He stated that the Bank of Ghana will purchase the gold acquired from the large-scale mining sector and shall only be sold by the central bank, subject to prior approval of Cabinet and Parliament.
Story by Hajara Fuseini
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Source:
opemsuo.com