Business
Ghana Unveils Ambitious Plan to Build $25 Billion ‘Economic War Chest’ with Gold
ACCRA, Ghana — Ghana’s government has unveiled an ambitious economic policy aimed at transforming the West African nation’s financial future by leveraging its gold resources to build a $25 billion “economic war chest,” Finance Minister Dr. Cassiel Ato Forson announced Tuesday in a parliamentary address.
The Ghana Accelerated National Reserve Accumulation Policy (GANRAP) 2026-2028 seeks to increase the country’s international reserves to 15 months of import cover by the end of 2028—far exceeding the conventional three-month benchmark recommended for developing economies.
“This is Ghana’s first national policy deliberately designed to build external reserves and secure the future of our country,” Forson told lawmakers, describing the initiative as essential to “break the cycle of economic downturns” that have historically plagued the economy.
Strategic Shift from Borrowing to Gold
At the heart of the policy is a fundamental shift away from what the government describes as unsustainable borrowing practices that characterized previous reserve-building efforts.
According to the policy document presented to Parliament, between 2017 and 2024, Ghana borrowed approximately $21.7 billion to support reserve accumulation, incurring interest costs of $3.84 billion alone—plus additional billions in local currency payments.
“We cannot continue borrowing our way to stability,” Forson said, pointing to expensive swap arrangements, sale-and-buy-back agreements, and Eurobond issuances that left the country with crippling debt service obligations.
In 2026 alone, Ghana is required to pay $1.5 billion to Eurobond holders from previous borrowings.
Instead, the government is betting on gold—specifically, historically high global prices that have seen the precious metal trade at unprecedented levels. The policy targets the purchase of approximately 3.02 tonnes of gold per week, which at projected prices of $5,000 per ounce would generate annual gross receipts of approximately $25.28 billion.
How the Gold Will Be Acquired
The strategy operates on two parallel tracks. First, the newly established Ghana Gold Board will acquire a minimum of 2.45 tonnes of gold weekly from the Artisanal Small-scale Mining (ASM) sector—effectively mopping up about 127 tonnes annually. This alone is projected to generate over $20 billion in foreign exchange each year.
Second, the government will invoke “preemption rights” under the Ghana Gold Board Act and Minerals and Mining Act to purchase 20 percent of large-scale mining output—approximately 0.57 tonnes per week. Crucially, these transactions will be conducted in Ghanaian cedis at prevailing interbank rates, supporting local currency demand while building reserves.
The gold acquired from large-scale miners must be in doré form and processed in-country, supporting local refineries in their quest for London Bullion Market Association (LBMA) certification.
Learning from History
Forson placed the policy within a broader historical context, drawing parallels to Asian economies following the 1997 financial crisis.
“After the 1997 Asian Financial Crisis, the most affected countries embarked on aggressive foreign reserve accumulation as a key policy response,” he noted. “This was driven by a desire for self-insurance against future sudden capital reversals and crises.”
Those reserves, he argued, helped Asian economies weather the 2008 Global Financial Crisis without depleting their buffers—a model Ghana now seeks to emulate.
The policy also responds to what the government describes as Ghana’s historically problematic reserve trajectory: episodic accumulation linked to opportunistic external borrowings and seasonal cocoa exports, followed by rapid drawdowns to meet obligations. Reserves plummeted from 5.4 months of import cover in April 2021 to under 2.3 months by September 2023 following a Eurobond issuance.
Safeguards Against Past Failures
To address governance concerns that have plagued Ghana’s mining sector—particularly illegal mining, or “galamsey”—the policy incorporates multiple safeguard mechanisms.
An Inter-Agency Committee co-chaired by the Finance Minister and Lands Minister will oversee compliance. Crucially, gold acquired under the preemption arrangement can only be sold by the central bank with prior approval of both Cabinet and Parliament.
The government also outlined risk management strategies addressing price volatility through hedging mechanisms, production risks through modernization of mining technology, and environmental concerns through intensified enforcement against illegal mining and targeted land reclamation programs.
Broader Economic Context
The announcement comes as Ghana experiences what the government describes as a “decisive macroeconomic turnaround” following the 2022-2023 economic crisis. According to the policy document, real GDP growth averaged 6.1 percent in the first three quarters of 2025, inflation declined sharply from 23.8 percent in 2024 to 3.8 percent in January 2026, and public debt fell from 61.8 percent of GDP in 2024 to 45.3 percent.
The current account posted a surplus of $9.1 billion in 2025—up from $1.5 billion the previous year.
“These macroeconomic gains have delivered meaningful relief to households and businesses through reduction in fuel prices, food prices, cost of doing business, and cost of living,” Forson told Parliament.
International Context
Ghana is not alone in leveraging high gold prices. The policy document notes that major producers including China, Russia, and Australia are all capitalizing on elevated prices to strengthen external buffers. China continues to expand domestic refining capacity, while Russia channels proceeds into reserve accumulation as a shock absorber against financial sanctions.
For Ghana, the stakes are existential. With cocoa production undermined by price volatility and climate risks, and oil output declining due to years of underinvestment, gold has emerged as the most reliable instrument for rapid reserve accumulation.
“If Government had borrowed $10 billion at the 2025 yields of 8.0 percent, the cost to the nation would have been $800 million in just one year,” Forson said, contrasting this with the Ghana Gold Board’s 2025 performance of bringing in $10 billion at a cost of just $214 million.
The policy now awaits parliamentary approval. If implemented, Ghana would join a small group of nations with reserve buffers sufficient to withstand severe external shocks—a transformation Forson framed in generational terms.
“We seek to build lasting national prosperity for future generations,” he said.
The Kingdom of Saudi Arabia has banned imports of poultry meat and table eggs from Ghana and 39 other countries as part of a major update to its food safety regulations, the Saudi Food and Drug Authority (SFDA) announced in late February 2026, with the measures taking effect in early March.
The decision, described as one of the most extensive in recent years, prohibits raw poultry products and table eggs from the listed nations to prevent the spread of animal diseases, particularly highly pathogenic avian influenza (HPAI), commonly known as bird flu. Saudi authorities explained that the ban is precautionary, aimed at protecting public health, reinforcing food safety in the domestic market, and ensuring the kingdom’s food security amid ongoing global epidemiological monitoring.
According to SFDA updates reviewed by local and international media, some restrictions date back to 2004, while others were added progressively based on risk assessments, international reports from bodies like the World Organisation for Animal Health (WOAH, formerly OIE), and confirmed outbreaks of HPAI and related viruses such as Newcastle disease. The authority conducts periodic reviews of the restricted list in line with evolving global health developments.
Full Ban on 40 Countries
The complete import prohibition applies to raw poultry and table eggs from the following 40 countries, including Ghana: Afghanistan, Azerbaijan, Germany, Indonesia, Iran, Bosnia and Herzegovina, Bulgaria, Bangladesh, Taiwan, Djibouti, South Africa, China, Iraq, Palestine, Vietnam, Cambodia, Kazakhstan, Cameroon, South Korea, North Korea, Laos, Libya, Myanmar, the United Kingdom, Egypt, Mexico, Mongolia, Nepal, Niger, Nigeria, India, Hong Kong, Japan, Burkina Faso, Sudan, Serbia, Slovenia, Ivory Coast (Côte d’Ivoire), and Montenegro.
Partial Restrictions on 16 Others
In addition, partial bans target specific provinces, states, or cities in 16 countries (including Australia, the United States, Italy, Belgium, Bhutan, Poland, Togo, Denmark, Romania, Zimbabwe, France, the Philippines, Canada, Malaysia, Austria, and the Democratic Republic of Congo), rather than nationwide prohibitions.
Exemptions and Compliance
The SFDA clarified that the ban does not apply to poultry meat and products that undergo sufficient heat treatment or other processing methods proven to eliminate avian influenza and Newcastle disease viruses. Such processed items may still be imported if they meet approved health requirements, certification standards, and specifications.
Impact on Ghana
Ghana’s inclusion on the list—alongside major economies like Germany, Japan, the UK, China, and India—highlights the non-discriminatory, risk-based nature of the SFDA’s approach. The Chamber of Agribusiness Ghana (CAG) responded by urging urgent action from government agencies, including the Food and Drugs Authority (FDA), Ghana Standards Authority (GSA), Veterinary Council, and Ministry of Food and Agriculture (MoFA), to strengthen regulatory infrastructure for animal health and food safety. CAG CEO Anthony Morrison noted that the ban underscores the need for world-class systems to maintain international market access and protect populations from preventable diseases.
This move aligns with Saudi Arabia’s broader strategy of continuous surveillance and adjustment to safeguard consumers, with no indication of targeted discrimination against any single nation.
Business
President Mahama Commissions New LPG Vessel MT Asharami Ghana to Enhance Ghana’s LPG Imports and Supply Reliability
President John Dramani Mahama has officially commissioned the MT Asharami Ghana, a new liquefied petroleum gas (LPG) carrier, expressing strong optimism that the vessel will enhance the safe and efficient transportation of LPG to Ghana and support the growing needs of businesses, households and industries across the country and West Africa.
Speaking at the commissioning ceremony—where a commemorative plaque was unveiled honouring his leadership and dedication to nation-building and international cooperation, including with the Republic of Korea—President Mahama highlighted LPG’s expanding role in Ghana’s energy mix. Ghana currently imports about half of its LPG requirements to meet domestic demand.
“Ghana imports 50 percent of our LPG requirements and so this vessel, MT Asharami Ghana, will strengthen our collective ability to transport LPG safely, efficiently and at scale. In doing so, it will help ensure that businesses, industries and households can depend on modern energy services that support economic growth and improve the quality of life of our citizens,” he said.
The President added that beyond Ghana’s borders, the vessel will contribute to improving access to cleaner and more reliable energy across the West African sub-region, supporting economic activity and enhancing quality of life for millions.
Vessel Capabilities and Expected Operations
The MT Asharami Ghana is a modern LPG carrier specifically designed to transport large volumes of liquefied petroleum gas safely across regional and international routes. Industry sources confirm the vessel features a storage capacity of several thousand cubic metres and is equipped with advanced safety systems and sophisticated cargo-handling technology.
These features will allow it to deliver LPG efficiently to coastal terminals throughout West Africa.
Benefits for Ghana
The commissioning arrives as LPG consumption in Ghana continues to climb, with national data showing annual usage between 350,000 and 400,000 tonnes.
Demand is rising steadily due to population growth, expanding industrial applications and government policies promoting LPG as a cleaner alternative to charcoal and firewood under the country’s energy transition and clean-cooking initiatives.
The new vessel is expected to deliver tangible gains including:
- Greater reliability and efficiency in LPG supply chains
- Reduced logistical bottlenecks in imports and distribution
- Strengthened national energy security
- Improved support for businesses, households and industries that rely on the fuel
- Positioning Ghana as a strategic hub for LPG supply within the West African energy market
President Mahama commended the leadership of Sahara Group, West African Gas Limited and their partners for this forward-looking investment.
He described the project as a powerful example of how innovation, investment and collaboration can bridge infrastructure gaps and unlock sustainable economic opportunities across Africa.
Overview of MT Asharami Ghana
This modern LPG carrier has a capacity of several thousand cubic meters and is equipped with advanced safety and cargo-handling systems for efficient delivery to coastal terminals in West Africa.
The vessel is expected to enhance Ghana’s LPG supply chains, reduce import bottlenecks, and support the country’s growing demand (over 350,000–400,000 tonnes annually) as part of its clean energy transition policies.
Other LPG Carriers Serving Ghana and the Region
Ghana does not own LPG carriers directly through government entities like Ghana National Gas Company, which focuses on onshore infrastructure such as pipelines and processing plants.
Instead, LPG transportation relies on private fleets, with the Sahara Group’s WAGL fleet being prominent. This fleet has been expanding to meet West African demand, including Ghana’s imports (which cover about 50% of domestic needs).
The Sahara Group/WAGL LPG fleet includes at least the following vessels (built progressively since 2017, with capacities ranging from 23,000 to 40,000 cubic meters):
- MT Africa Gas (commissioned 2017, serves West Africa, including deliveries to ports in the region).
- MT Sahara Gas (commissioned 2017, similar regional operations).
- MT BaruMK (or Barumk, commissioned around 2022, 23,000 cbm capacity, focused on West Africa).
- MT Sapet (commissioned around 2022, named after Sahara and Petroci, serves Cote d’Ivoire and broader West Africa).
- MT Iyaloja (Lagos) (commissioned August 2025, 40,000 cbm, expands capacity for West African deliveries).
MT Asharami Ghana is the latest addition (sixth in the fleet), specifically aimed at strengthening Ghana’s supply.
The entire fleet has delivered millions of tonnes of LPG across West Africa over the years, helping position Ghana as a regional hub.
Business
President Mahama’s Philadelphia Visit: Honorary Degree, Investment Talks, Ghana Goods Launch, and World Cup Warm-Up on the Horizon
Ghana’s President John Dramani Mahama is set to make a high-profile four-stop visit to Philadelphia starting March 27, blending academic honours, diplomatic engagement, business promotion, and community outreach in what officials describe as a mission with “real stakes” for Ghana-US economic and cultural ties.
The visit kicks off with President Mahama receiving an honorary doctorate from Lincoln University — the historic HBCU where Ghana’s founding father, Osagyefo Dr. Kwame Nkrumah, studied in 1939. The ceremony underscores the deep historical connections between Ghana and African-American educational institutions that shaped Pan-African leaders.
Later that day, the President will be presented with the International Statesperson Award by the World Affairs Council of Philadelphia during an event at the Ritz-Carlton, recognizing his leadership in advancing democratic governance, regional stability, and sustainable development across West Africa.
A key business-focused highlight will be a community investment dialogue hosted at Temple University’s Mazur Hall. The open forum will allow Philadelphia-based investors, entrepreneurs, and diaspora members to engage directly with Ghanaian officials on opportunities through the Ghana Investment Promotion Centre (GIPC).
Topics are expected to include incentives in agriculture, renewable energy, digital infrastructure, manufacturing, and the creative economy — sectors the Mahama administration has prioritized for foreign direct investment.
The day culminates in Southwest Philadelphia with the grand opening of a Ghana pop-up store at Brown’s ShopRite on Island Avenue. The initiative will place Made-in-Ghana products — ranging from cocoa-based goods and shea butter cosmetics to fashion accessories and packaged foods — directly on American supermarket shelves, aiming to boost exports, create visibility for Ghanaian brands, and strengthen diaspora consumer links.
Adding a cultural and sporting dimension to the visit’s legacy, Ghana’s national football team, the Black Stars, is scheduled to face Croatia in an international friendly at Lincoln Financial Field on June 27, 2026 — three months after the presidential trip. The match is already generating excitement among Philadelphia’s large Ghanaian community and football fans across the region.
Ghanaian officials say the multi-faceted Philadelphia program is designed to deepen people-to-people, academic, economic, and sporting ties between the two nations at a time when Ghana is aggressively courting diaspora and foreign investment to support its post-pandemic recovery and industrialisation agenda.
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