Why Rename Bawumia's G4R Policy and Claim It's New? - Gideon Boako Questions Government
The Tano North MP and Deputy Ranking Member on Parliament's Finance Committee, Dr. Gideon Boako, has questioned the government's decision to introduce the Ghana Accelerated National Reserve Accumulation Policy (GANRAP). He argues that it is a rebranded version of a policy initiated by former Vice President Mahamudu Bawumia, sparking controversy and raising questions about the government's transparency and continuity of policy.
The Finance Minister, Cassiel Ato Forson, presented GANRAP to Parliament, describing it as a strategic departure from the unsustainable practice of borrowing to build foreign reserves. The government aims to strengthen its gross international reserves by relying on Ghana's gold resources, targeting 15 months of import cover by 2028. Under the policy, the government plans to add an average of US$9.5 billion annually to its reserves by purchasing approximately 3.02 tonnes of gold weekly.
However, Dr. Boako, in his response, maintained that the initiative mirrors the Gold for Reserves (G4R) program introduced under Dr. Bawumia. He questioned the government's decision to repackage and present the policy as a fresh intervention, insisting that the government should acknowledge the continuity of the policy rather than renaming it. This has sparked debate and raised concerns about the government's commitment to transparency and policy consistency.
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