Parliament approves rebranded version of Bawumia’s G4R Policy

Government has announced plans to implement the Ghana Accelerated National Reserve Accumulation Policy (GANRAP), rebranded version Dr. Bawumia’s Gold for Reserves, aimed at increasing the country’s international reserves to the equivalent of 15 months of import cover by the end of 2028.

Presenting the policy, Dr Forson described GANRAP as a strategic departure from what he characterised as the “unsustainable” practice of borrowing to shore up gross international reserves. Instead, he said the government would leverage Ghana’s gold resources to strengthen reserve buffers and reduce dependence on external financing.

Under the policy framework, government targets an average annual addition of US$9.5 billion to Ghana’s gross international reserves. Central to the strategy is the acquisition of approximately 3.02 tonnes of gold per week, largely through the Ghana Gold Board (GOLDBOD), which will purchase gold from the small-scale mining sector.

Additionally, the state plans to exercise a pre-emptive right to acquire 20 per cent of output from large-scale mining companies as part of efforts to steadily accumulate gold holdings and enhance reserve adequacy.

However, reacting on the floor of Parliament, Dr Gideon Boako argued that GANRAP mirrors the Gold for Reserves (G4R) programme introduced under former Vice President Mahamudu Bawumia.

“Gold 4 Reserves (G4R) rebranded as the Ghana Accelerated National Reserve Accumulation Policy (GANRAP),” Dr Boako stated.

He further alleged that the current administration had reduced the country’s gold reserves after taking office, only to return with a policy aimed at rebuilding them.

“They came to meet gold reserves of about 32 tonnes and they sold about half of it. When we raised alarm they said we should shut up. Today, they came to Parliament with a policy to accumulate more gold. What a government! Must you destroy before you build just because it was initiated by your predecessor?” he said.