2026 Mid-Year Budget Review deserves more scrutiny, it’s difficult to see the economic case – Dr Nsafoah

According to him, while keeping the overall expenditure envelope broadly unchanged, the government has reallocated GH¢5 billion away from capital expenditure to GoldBod to fund the Ghana Accelerated National Reserve Accumulation Policy (GANRAP), whose objective is to raise international reserves to 15 months of import cover by 2028.

In effect, Ghana is exchanging one form of national asset for another: fewer resources for productive capital formation today in order to accumulate a larger stock of foreign reserves”.

Nsafoah, who is a member of the Research Committee of Tesah Capital, said the Mid-Year Review preserves total spending while shifting its composition from productive capital investment toward reserve accumulation.