Ghana targets 15 months of import cover by 2028 as gov't secures 30% of miners' gold output

• Ghana has signed an MoU to secure 30% of large-scale miners' gold output for strategic reserves under GANRAP.

• Finance Minister Dr Cassiel Ato Forson says Ghana is targeting 15 months of import cover by 2028.

• He said the strategy will help build an “economic war chest”, strengthen reserves and stabilise the cedi.

Finance Minister Dr Cassiel Ato Forson announced the agreement on Thursday, August 13, 2026, saying it forms part of the Government's efforts to build Ghana's foreign exchange reserves and strengthen the economy against external shocks.

“Signed today, a landmark MoU under #GANRAP securing 30% of large-scale gold output for Ghana's strategic reserves,” Dr Forson said.

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The agreement supports the Government's broader target of increasing Ghana's international reserves to the equivalent of 15 months of import cover by the end of 2028, significantly above the conventional three-month benchmark.

“Our target is 15 months import cover by 2028,” Dr Forson stated.

GANRAP was introduced as a three-year strategy for 2026 to 2028 to strengthen Ghana's external economic resilience. It follows a strong macroeconomic performance in 2025, when the economy recorded 6.1% GDP growth, while inflation fell to 5.4%.

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The country's current account also recorded a surplus of US$9.1 billion, while gross international reserves increased to US$13.8 billion, equivalent to about 5.7 months of import cover.

The policy seeks to build on these gains by using Ghana's gold resources to accumulate reserves without relying heavily on external borrowing, swaps or short-term financing facilities.

Under GANRAP, the Government has set a weekly gold purchase target of about 3.02 tonnes, with expected annual gross receipts of roughly US$25 billion. A significant portion is expected to come from the artisanal and small-scale mining sector through the Ghana Gold Board, while large-scale mining companies will contribute through the Government's pre-emption arrangements.

The Government expects the gold-based strategy to generate an average of about US$9.5 billion in net reserves annually.

The policy also includes measures to formalise and expand gold production, increase non-traditional exports, improve cocoa productivity, develop new oil fields, mobilise remittances and reduce foreign exchange leakages, particularly in the energy sector.

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Dr Forson thanked industry stakeholders for supporting the initiative.

“On behalf of the Government of Ghana, I thank the Ghana Chamber of Mines and all participating large-scale mining companies for their commitment,” he said.

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He said the programme would provide Ghana with a stronger financial buffer to withstand economic shocks.