President John Dramani Mahama has said sustained high global gold prices present Ghana with a strategic opportunity to strengthen its economy, build external buffers, and protect the country from future global shocks.
Delivering the State of the Nation Address on Friday (27 February), the President noted that Ghana’s gross international reserves have increased significantly, rising from $8.9 billion at the end of 2024 to $13.8 billion, representing 5.7 months of import cover.
He attributed part of the growth to reforms in the gold sector, particularly the establishment of the Ghana Gold Board, which has formalized gold exports, reduced smuggling, and increased officially recorded artisanal production.
“Our reserves currently stand at $13.8 billion from $8.9 billion at the end of 2024. This covers 5.7 months of import,” President Mahama stated, adding that improved gold export management has helped channel more foreign exchange into the economy. Gold exports have reportedly reached 103 tonnes, strengthening inflows.
The President emphasized that higher reserves and stronger foreign exchange earnings have contributed to stabilizing the cedi, reducing imported inflation, and improving economic predictability.
“When the cedi stabilizes, imported inflation falls, businesses can plan better, and household incomes improve,” he told Parliament.
With gold prices forecast to remain elevated over the next three years, President Mahama described the current global market conditions as a unique window of opportunity for Ghana.
“It presents us with a unique opportunity to build an economic war chest to withstand any global economic shocks, secure our macroeconomic stability, improve the standards of living of our citizens, and build lasting prosperity for future generations,” he said.
The President stressed that as global economic uncertainty increases, Ghana must reduce its exposure to external shocks and break the cycle of recurring economic downturns.
The strategy forms part of the Ghana Accelerated National Reserve Accumulation Policy (GANRAP) (2026–2028), which was presented to Parliament by the Minister for Finance on February 25, 2026.
The policy aims to increase Ghana’s international reserves to 15 months of import cover by the end of 2028, significantly strengthening the country’s external resilience while supporting long-term structural transformation.
President Mahama underscored that building reserves during a period of strong gold prices is critical to safeguarding macroeconomic stability and ensuring sustainable growth.
By leveraging favorable gold market conditions and tightening oversight of gold exports, government aims to reinforce economic stability, anchor investor confidence, and improve living standards across the country.
