GANRAP will build reserves to cushion Ghana against future shocks — Sammy Gyamfi
The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, says the government is using the Ghana Accelerated National Reserve Accumulation Policy (GANRAP) to build a strong financial buffer capable of protecting Ghana against future economic shocks and external disruptions.
Ghana is leveraging the Ghana Accelerated National Reserve Accumulation Policy (GANRAP) to bolster its financial resilience against future economic shocks and external disruptions, according to the Ghana Gold Board's CEO Sammy Gyamfi. The policy aims to accumulate substantial reserves through the country's gold resources, reducing reliance on borrowing to maintain foreign exchange stability.
GANRAP seeks to boost Ghana's gross international reserves to cover imports for 15 months, up from the current 5.7 months, by the end of 2028. This ambitious goal will be achieved by purchasing approximately 3.02 tonnes of gold each week, primarily from small-scale miners, while large-scale mining firms will see their government pre-emptive purchase quota stand at 20%.
The policy marks a significant shift from previous methods of using costly swaps and Eurobond borrowing. Finance Minister Dr. Cassiel Ato Forson presented GANRAP to Parliament, emphasizing its potential to serve as a public good, benefitting beyond government finances.
Written by urgent.news from MyJoyOnline Ghana's reporting — not their text. Machine-written — it may contain errors, so check the original before relying on it.
