Correction, 28 October 2026: An earlier version of this article said GoldBod gold exports paused from mid-August. Bank of Ghana Governor Johnson Asiama said shipments did not pause but became less regular, and regular shipments resumed in September. We have corrected the headline and text.
Rebuilding reserves will be a key priority for the Bank of Ghana in the coming months, Governor Johnson Asiama said at the central bank’s Monetary Policy Committee in September, after GoldBod gold exports slowed from mid-August.
Key points
- Official gold reserves fell to 24.4 tonnes in June 2026, from 33 tonnes a year earlier, reflecting gold sales in 2025 and lower-than-targeted purchases from large-scale miners. They stood at 25.2 tonnes in August.
- Gross international reserves were US$11.07 billion at the end of August (4.2 months of import cover), rising to US$12.05 billion (4.5 months) by 22 September.
- The Governor said GoldBod exports did not stop but became less regular from mid-August, and that significant shipments resumed in the week before the 26 September briefing.
- In May 2026, the share of annual output large-scale miners must sell to the central bank was raised from 20% to 30%.
Why it matters
Gold is now central to Ghana’s external position. The Bank flagged a weaker current account and the usual rise in foreign exchange demand in the fourth quarter as reasons to strengthen buffers.
Sources
- MINING.COM (Reuters): Ghana to focus on rebuilding reserves as gold exports pause (23 September 2026)
- Ghana Business News: Ghana resumes gold shipments after August slowdown (26 September 2026)
This article is for information only and is not legal, tax or investment advice. Rules and figures change; confirm the current position with the relevant authority or a qualified adviser before acting. Image: illustration (AI-generated).
