Minority Spokesperson on the Economy and Development Committee, Kojo Oppong Nkrumah, has called on the government to be honest with Ghanaians, insisting that the newly approved Ghana Accelerated National Reserve Accumulation Policy (GANRAP 2026–2028) is essentially a rebrand of the Gold for Reserves program introduced under former Vice President Mahamudu Bawumia.
Speaking on the floor of Parliament, Mr. Oppong Nkrumah said the program, which was designed to boost foreign reserves by purchasing local gold for bullion or conversion into foreign exchange, is being presented as new despite its roots in the earlier initiative.
“If this government finds the program useful, there is no need to rebrand it as something new. Admit that you inherited a working policy and build on it. Candor is central to credible economic management,” he stressed.
GANRAP, as approved by Parliament, sets an ambitious target of adding US$9.5 billion annually to Ghana’s reserves through weekly purchases of about 3.02 tonnes of gold. Under the framework, the Ghana Gold Board (GOLDBOD) will procure gold from small-scale miners, while the state will exercise a pre-emptive right to acquire 20 percent of output from large-scale mining firms. The Ministry of Finance said the policy aims to achieve a 15-month import cover by the end of 2028, strengthening the country’s foreign reserves and reducing dependence on borrowing.
While acknowledging the potential benefits, Mr. Oppong Nkrumah questioned the government’s recent handling of gold reserves. “A few weeks ago, they sold 50 percent of our gold reserves and converted them into U.S. dollar-based assets. Now they are asking Parliament to approve buying more gold to replenish reserves. Why sell at $4,000 per ounce, only to consider repurchasing weeks later at over $5,200?” he asked.
He further urged the government to embrace policy continuity rather than reinvention, reminding lawmakers that Ghanaian citizens understand economic policies and value transparency. “You don’t need to rebrand, rename, or polish inherited programs. What matters is building on them responsibly,” he said.
Mr. Oppong Nkrumah also praised aspects of GANRAP that reflect the principles of the former Gold for Reserves initiative, including domestic resource mobilisation, results-based management, and the use of gold as a stabilizing anchor for the cedi.
However, he warned that a lack of transparency could erode public confidence in national reserve management.
Despite the concerns, Parliamentarians largely supported GANRAP, noting that the policy could significantly strengthen Ghana’s gross international reserves without increasing external debt, positioning the country for greater macroeconomic stability.
