Dr Gideon Boako, Member of Parliament for Tano North and Deputy Ranking Member on Parliament’s Finance Committee, has questioned the rationale behind the government’s introduction of the Ghana Accelerated National Reserve Accumulation Policy (GANRAP).
He argued that the policy is essentially a rebranded version of an initiative previously introduced by former Vice President Mahamudu Bawumia.
Dr Boako’s remarks followed Finance Minister Cassiel Ato Forson’s presentation of the new policy to Parliament on Wednesday.
Dr Forson described GANRAP as a strategic shift away from what he termed the “unsustainable” practice of borrowing to build foreign reserves. He explained that the government would instead leverage Ghana’s gold resources to strengthen gross international reserves, aiming to achieve a 15-month import cover by the end of 2028.
Under the policy, the government intends to add an average of US$9.5 billion annually to gross international reserves by purchasing approximately 3.02 tonnes of gold per week. The Ghana Gold Board (GOLDBOD) is expected to procure gold from the small-scale mining sector, while a state pre-emptive right will allow the acquisition of 20 per cent of output from large-scale mining firms.
Responding after the Minister’s presentation, Dr Boako maintained that GANRAP mirrors the Gold for Reserves (G4R) programme previously introduced under Dr Bawumia.
“Gold 4 Reserves (G4R) rebranded as the Ghana Accelerated National Reserve Accumulation Policy (GANRAP),” he stated.
He further questioned why a policy previously criticised by the current administration was now being repackaged and presented as a new initiative, insisting that the government should acknowledge policy continuity rather than “rename and claim it is new.”
READ ALSO:
