By Issah Olegor
Parliament has approved the Ghana Accelerated National Reserve Accumulation Policy (GANRAP 2026–2028), a new gold-backed reserve framework being implemented by the National Democratic Congress (NDC) government—amid growing political debate over claims that the policy is simply a rebranded version of the Gold for Reserves (G4R) initiative originally by former Vice President Dr Mahamudu Bawumia.
The approval followed a formal presentation to the House by the Minister for Finance, Cassiel Ato Forson, who described GANRAP as a strategic departure from what he termed the “unsustainable” practice of borrowing to build the foreign exchange reserves.
According to Ato Forson, the new policy framework shifts the country away from debt-financed reserve accumulation toward the use of Ghana’s natural gold resources to strengthen gross international reserves and build more resilient external buffers for macroeconomic stability.
Addressing Parliament, the Finance Minister explained that the government is targeting a 15-month import cover by the end of 2028, a benchmark seen by economists as critical for currency stability, investor confidence, and external sector resilience.
To achieve this, GANRAP projects the addition of an average of US$9.5 billion annually to the gross international reserves, through the structured purchase of approximately 3.02 tonnes of gold per week.
Under the operational framework, the Ghana Gold Board (GOLDBOD) will play a central role by procuring gold from the small-scale mining sector, while the state will also exercise a pre-emptive right to acquire 20 per cent of output from large-scale mining companies, ensuring a steady flow of gold into national reserves.
Roots In Bawumia’s G4R Policy
The G4R and Gold for Oil, G4O were initiated by the previous administration to stem the constant sliding of the cedi in the international market.
According to Dr Bawumia, “the two policies that helped rescue the economy from catastrophe during the crisis were the Bank of Ghana’s domestic gold purchase program and the gold for oil program. The domestic gold purchase program (DGPP) is a program where the Bank of Ghana boosts its foreign exchange reserves by buying locally produced gold with cedis”.
Despite its new branding, the approval of GANRAP has reignited political debate over policy continuity and ownership. Several Members of Parliament, particularly on the Finance and Economy Committees, openly acknowledged that the conceptual foundations of the policy were laid under the previous administration.
They commended Dr. Bawumia for initiating the gold-backed reserve accumulation strategy through the Gold for Reserves and Gold for Forex (G4R) framework, which was designed to allow the Bank of Ghana to purchase locally produced gold with cedis, convert part of it into foreign currency, and use the rest to build bullion reserves.
Lawmakers argued that the emphasis on domestic resource mobilisation, results-based economic management, and reduced dependence on external borrowing mirrors ideas that were previously advanced under the G4R policy architecture.
This position was reinforced by the Deputy Minister for Finance, Thomas Ampem Nyarko, who admitted on the floor of the House that the strategy was not entirely new, noting that aspects of the policy had been discussed and developed under previous administration.
His remarks underscored what many MPs described as the need for policy continuity in national economic management to preserve macroeconomic stability and investor confidence.
Opposition Pushback: “Rebranding, Not Reform”
Strong criticism, however, came from the Minority side, led by Gideon Boako, Deputy Ranking Member on Parliament’s Finance Committee.
Dr. Boako openly challenged the government’s decision to introduce GANRAP as a new policy, describing it as nothing more than a rebranded version of Dr. Bawumia’s G4R programme.
“Gold for Reserves (G4R) rebranded as the Ghana Accelerated National Reserve Accumulation Policy (GANRAP),” he declared in Parliament, questioning why a policy previously criticised by the current administration was now being repackaged and presented as a fresh economic intervention.
Dr. Boako further raised concerns about the government’s recent management of Ghana’s gold reserves, pointing to the controversial sale of approximately 50 per cent of the country’s gold holdings, which were converted into U.S. dollar-based assets.
According to him, the decision raised serious questions about timing, valuation, and strategy, especially as Parliament is now being asked to approve a policy that involves buying back gold to rebuild reserves.
At the time of the sale, gold prices were estimated to be around US$4,000 per ounce, but have since reportedly risen to about US$5,200, intensifying concerns about potential financial losses to the state.
Motions have already been filed in Parliament seeking investigations into the transaction and the broader gold reserve management programme.
With the passage of GANRAP, Ghana now formally commits to a gold-backed reserve accumulation strategy that prioritizes domestic resources over external borrowing.
While the NDC government presents the policy as a new economic direction, parliamentary debates and official admissions have reinforced the narrative that GANRAP is built on the same structural logic and mechanisms as the G4R policy introduced under Dr. Bawumia.
