加纳财政部长公布新的外汇储备政策

Core Viewpoint - Ghana's government is implementing a national policy aimed at consciously accumulating foreign exchange reserves to secure the country's economic future, with a target to increase international reserves to cover 15 months of imports by the end of 2028 [1] Group 1: Policy Framework - The policy, known as the Ghana National Reserve Accumulation Policy (GANRAP) for 2026-2028, represents a strategic shift from costly borrowing and short-term reserve building to a structured, gold-backed accumulation framework [1][2] - GANRAP sets clear mid-term goals: achieving 8.6 months of import coverage by December 2026, 11.8 months by the end of 2027, and 15 months by 2028, requiring an average annual increase of $9.5 billion in international reserves [2] Group 2: Gold Acquisition Strategy - The Ghana Gold Board (GoldBod) will acquire up to 2.4 tons of gold weekly from artisanal and small-scale miners, supported by budget allocations from the Ministry of Finance [2] - The Ministry of Lands and Natural Resources will prioritize purchasing at least 0.57 tons of gold weekly from large mines, with the gold refined locally before being sent to certified refineries in London [2] Group 3: Structural Reforms - The policy integrates structural reforms aimed at increasing foreign exchange inflows and reducing outflows, including expanding non-traditional exports, revitalizing cocoa productivity, and accelerating the development of new oil fields [3] - The policy is informed by the country's economic downturn, recent macroeconomic developments, global risk assessments, and Ghana's long-term economic transformation agenda [3] Group 4: Economic Context - Ghana has historically relied on revenues from gold, cocoa, and oil exports to build international reserves, but has faced challenges due to high-cost financing methods leading to unsustainable debt levels [4] - The government acknowledges that traditional three-month import coverage is no longer sufficient, especially following the economic crisis and subsequent IMF assistance request in 2023 [4]