Parliament’s approval of the Ghana Accelerated National Reserve Accumulation Policy (GANRAP 2026–2028) has sparked renewed debate over transparency and policy continuity, with Kojo Oppong Nkrumah, the Minority Spokesperson on the Economy and Development Committee, taking center stage to urge greater candor from the government.
Speaking on the floor of the House, Mr. Oppong Nkrumah framed the discussion around the long-standing Domestic Gold Purchase Program first introduced under former Vice President Mahamudu Bawumia.
“The program was designed to boost the foreign reserves by buying local gold and either adding it to bullion or converting it into forex,” he said, noting that GANRAP essentially continues the same framework under a new name.
“Ghanaians deserve honesty,” he stressed. “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.”
The feature of GANRAP is its ambitious target of adding US$9.5 billion annually to Ghana’s reserves through weekly purchases of approximately 3.02 tonnes of gold. Under the policy, the Ghana Gold Board (GOLDBOD) will procure gold from small-scale miners, while a pre-emptive right will allow the state to acquire 20% of output from large-scale mining companies.
The Ministry of Finance says the policy is expected to strengthen Ghana’s foreign reserves and provide a 15-month import cover by the end of 2028.
While acknowledging the potential benefits, Mr. Oppong Nkrumah raised concerns about recent inconsistencies in the government’s handling of gold reserves.
“A few weeks ago, they sold 50% 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 questioned.
The MP argued that the current government should embrace continuity rather than reinvention.
“The Ghanaian voter is informed and understands economic policies. You don’t need to rebrand, rename, or polish inherited programs. What matters is building on them responsibly.”
Mr. Oppong Nkrumah also commended the aspects of GANRAP that align with Dr. Bawumia’s earlier G-4-R principles, which emphasized domestic resource mobilization, results-based management, and the use of gold as a stabilizing anchor for the Ghanaian currency.
However, he warned that without transparency, the program risks public skepticism and could undermine confidence in national reserve management.
Parliamentarians largely supported the policy’s operationalization, highlighting its potential to strengthen gross international reserves without further borrowing.
