The government will raise the country’s gross international reserves to 15 months of import cover by end-2028 under a new gold-backed strategy aimed at strengthening external buffers, Finance Minister Dr. Cassiel Ato Baah Forson told Parliament.
The Ghana Accelerated National Reserve Accumulation Policy targets at least 8.6 months of import cover by 2026 and 11.8 months by 2027, up from 5.7 months at end-2025. Reserves stood at US$13.8 billion last year.
The plan hinges on purchasing about 3.02 tonnes of gold weekly from artisanal and large-scale producers. At an assumed price of US$5,000 per ounce, annual gross receipts are projected at US$25.28 billion.
Dr. Forson said the strategy reduces reliance on costly borrowing. Between 2017 and 2024, Ghana borrowed US$21.7 billion to support reserves, incurring US$3.84 billion in interest. By contrast, the Ghana Gold Board generated US$10 billion in 2025 at a cost of US$214 million.
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