Ghana’s central bank will make rebuilding foreign exchange reserves its key priority in the coming months, Governor Johnson Asiama said on Wednesday, as the country navigates a weaker current account, declining reserves and a pause in gold exports by state buyer GoldBod since August.
Speaking at the start of the Monetary Policy Committee meeting, Asiama said policymakers would need to balance generally positive domestic conditions against an increasingly uncertain global backdrop shaped by the Middle East conflict and rising oil prices.
“The weaker current account, the decline in reserves, and the pause in gold exports by GoldBod since August… call for a careful look at our buffers ahead of the usual rise in forex demand in the fourth quarter,” he said.
Ghana’s gold reserves fell to 24.4 metric tons in June 2026 from 33 tons a year earlier, reflecting gold sales in 2025 and lower-than-targeted purchases from large-scale miners.
Under the domestic gold purchase programme, GoldBod aggregates locally produced gold for export and reserve accumulation, with part of the bullion transferred to the central bank to bolster reserves and support the cedi.
In May, Ghana raised the share of annual output that large-scale gold miners must sell to the central bank to 30%, from 20%, as part of a renewed push to build reserves.
“Rebuilding reserves will be a key priority for the bank in the coming months indeed,” Asiama said.
Ghana’s economy grew by 6.0% in the second quarter of 2026, down from a revised 6.6% in the same period a year earlier, the Ghana Statistical Service said earlier this month.
GoldBod’s role and the export pause
GoldBod was established under the Ghana Gold Board Act, 2025 (Act 1140) to buy, assay and export gold from the artisanal and small-scale mining sector, curb smuggling and keep more of the metal’s value in Ghana.
Its export pause since August has added to pressure on foreign-exchange inflows at a time when the central bank is trying to rebuild buffers. Gross international reserves fell by about $1.9 billion between June and August to $11.07 billion, with import cover dropping to 4.2 months from 5.7 months, according to central bank data. The current account is expected to swing into deficit in the third quarter, driven by slower gold shipments and higher service payments.
The International Monetary Fund’s 2026 Article IV consultation report said the domestic gold purchase programme had accumulated a net policy cost of about $1.7 billion as it scaled up quickly. GoldBod has argued that the figure reflects the cost of the central bank’s monetary operations, not a commercial loss for GoldBod as an aggregator and assayer.
Record output, shifting production mix
Ghana’s gold output reached a record 6 million ounces in 2025, but large-scale production fell about 3% and its share of total output dropped to 47.6% from 60.6%, with small-scale mining exceeding half of national output for the first time.
The country completed a $3 billion IMF bailout programme earlier this year, inflation eased to 5.3% in June, and reserves had recovered to $11.9 billion at the end of 2025. The policy rate stands at 14%.
The Monetary Policy Committee is assessing the latest external-sector developments and their implications for the cedi and inflation, while weighing whether the current policy rate remains appropriate.
Analysts say the length of GoldBod’s export pause and global gold prices will determine whether Ghana can rebuild its foreign-exchange buffers before year-end seasonal dollar demand and potential external shocks.
