GANRAP will build reserves to cushion Ghana against future shocks — Sammy Gyamfi

The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, says the government is using the Ghana Accelerated National Reserve Accumulation Policy (GANRAP) to build a strong financial buffer capable of protecting Ghana against future economic shocks and external disruptions.

Finance Minister Dr Cassiel Ato Forson, in presenting the policy to Parliament, said GANRAP represented a shift from the previous approach of using expensive swaps and Eurobond borrowing to build reserves.

He said the policy would enable the country to accumulate sufficient reserves through its gold resources instead of relying heavily on borrowing to shore up its foreign exchange position.