Ghana’s Finance Minister, Cassiel Ato Forson, has outlined a comprehensive risk management framework under the newly approved Ghana Accelerated National Reserve Accumulation Policy (GANRAP), describing it as a historic step toward securing the nation’s economic future.
Speaking in Parliament, the Minister emphasized that the government will adopt a proactive approach to managing risks associated with mining and reserve accumulation. He detailed measures to address:
- Price risks through hedging mechanisms and diversified trading models.
- Production risks by modernizing mining technology and diversifying production sites.
- Governance risks with independent audits and enhanced transparency.
- Environmental and social risks via stricter enforcement of anti-illegal mining laws, reclamation projects, alternative livelihood programs, and community engagement initiatives.
“This structured approach aims to transform mining from a volatile revenue source into a stable, transparent, socially and environmentally responsible pillar for macroeconomic stability,” Forson told lawmakers.
The Minister concluded by stressing that GANRAP provides a clear, actionable, and forward-looking framework to enhance Ghana’s external resilience. The policy sets a target of building reserves equivalent to 15 months of import cover by 2028, far above the traditional benchmark of three months.
Government’s long-term objectives, he said, are to build an “economic war chest” capable of withstanding global shocks, securing macroeconomic stability, sustaining recent gains, improving living standards, and ensuring lasting prosperity for future generations.
On what he described as a “historic occasion,” Forson called on Parliament to approve Ghana’s first national policy deliberately designed to build external reserves and safeguard the country’s economic future.
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