Mahama says rising gold prices a path to Ghana’s economic resilience

President John Dramani Mahama has emphasised the role of rising gold prices in reinforcing Ghana’s economic stability and securing long-term prosperity for its citizens.

Delivering the State of the Nation Address in Parliament on Friday, February 27, he said the current forecast for high gold prices over the next three years presents “a unique opportunity to build an economic war chest to withstand any global shocks, improve living standards, and create lasting prosperity for future generations.”

The comments coincided with Parliament’s approval of the Ghana Accelerated National Reserve Accumulation Policy (GANRAP), a strategic initiative designed to bolster international reserves to cover 15 months of imports by 2028.

Finance Minister Cassiel Ato Forson presented the policy, which is anchored on the Ghana Gold Board Act. The Act empowers the Gold Board to generate foreign exchange and support reserve accumulation through the Bank of Ghana.

According to the programme, Ghana is projected to achieve 8.6 months of import cover by the end of 2026, 11.8 months by 2027, and reach the 15-month target by 2028. GANRAP also incorporates structural reforms aimed at expanding foreign exchange inflows, curbing persistent outflows, strengthening the cedi, and enhancing overall macroeconomic resilience.

President Mahama emphasised that the GANRAP policy highlights the administration’s commitment to leveraging Ghana’s natural resources strategically to protect the economy from external shocks while building confidence in national economic management.