Ghana’s central bank will prioritise rebuilding Ghana Foreign Exchange Reserves in the coming months as the country responds to declining reserves, a weaker current account and a pause in Ghana Gold Exports by state buyer GoldBod since August.
Bank of Ghana Governor Johnson Asiama said on Wednesday that strengthening the country’s buffers would become a key priority ahead of the usual increase in foreign exchange demand during the fourth quarter.
According to Reuters, Ghana’s gold reserves fell to 24.4 metric tons in June from 33 metric tons a year earlier. The decline reflected gold sales in 2025 and purchases from large-scale miners that came in below target.
The situation has placed renewed attention on Ghana’s domestic gold purchase programme, which uses locally produced gold to support reserve accumulation and the cedi.
“Rebuilding reserves will be a key priority for the bank in the coming months indeed,” Asiama said.
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Ghana Foreign Exchange Reserves Face Pressure as Ghana Gold Exports Pause
Speaking at the beginning of the Monetary Policy Committee meeting, Asiama said policymakers were assessing generally positive domestic economic conditions against growing uncertainty internationally.
The conflict in the Middle East and higher oil prices are among the external developments being considered.
At home, the weaker current account, declining reserves and suspension of Ghana Gold Exports by GoldBod have created additional pressure.
“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,” Asiama said.
The comments show why Ghana Foreign Exchange Reserves have moved higher on the central bank’s immediate policy agenda.
Foreign exchange buffers can provide greater capacity to manage external pressures, while Ghana’s gold programme has become an important part of efforts to strengthen those reserves.
Gold Holdings Drop From 33 Tons to 24.4 Tons
Ghana’s gold reserves stood at 24.4 metric tons in June, down from 33 metric tons during the same period a year earlier.
The reduction followed gold sales in 2025 and lower-than-targeted purchases from the country’s large-scale miners.
Under Ghana’s domestic gold purchase programme, GoldBod aggregates locally produced gold for export and reserve accumulation. Part of the bullion is transferred to the Bank of Ghana to strengthen Ghana Foreign Exchange Reserves and support the cedi.
The pause in Ghana Gold Exports by GoldBod since August therefore comes at a significant time for the central bank.
Authorities had already taken steps earlier in the year to increase the amount of locally produced gold available for reserve accumulation.
In May, Ghana increased the share of annual output that large-scale gold miners must sell to the central bank from 20% to 30%.
The increase formed part of a renewed effort to rebuild the country’s reserve position.
30% Gold Requirement Supports Ghana Foreign Exchange Reserves
Raising the required share from 20% to 30% gives the central bank access to a larger portion of production from large-scale miners if purchases occur as planned.
The policy connects Ghana’s position as a major gold producer with its effort to strengthen Ghana Foreign Exchange Reserves.
However, the decline in gold holdings demonstrates that production alone does not automatically translate into higher central bank reserves. Purchases, sales and the operation of the domestic programme also determine how much bullion ultimately remains on the central bank’s balance sheet.
The current pause in Ghana Gold Exports adds another consideration as policymakers prepare for stronger seasonal foreign exchange demand towards the end of the year.
Asiama’s comments indicate that rebuilding financial buffers will remain a priority as the Bank of Ghana assesses both domestic economic performance and external risks.
Ghana Gold Exports Pause Comes Despite 6% Economic Growth
The reserve pressures are emerging while Ghana’s wider economy continues to record relatively strong growth.
The economy expanded by 6.0% in the second quarter of 2026, according to figures released by the Ghana Statistical Service earlier this month.
That was lower than the revised 6.6% growth recorded during the corresponding period a year earlier, but it still points to continued expansion in economic activity.
Asiama said policymakers would have to balance these generally positive domestic conditions against the uncertain international environment.
Higher global oil prices are especially relevant because Ghana’s foreign exchange position can be affected by changes in the cost of energy imports.
The central bank must therefore consider the interaction between domestic growth, international commodity markets, Ghana Gold Exports and the level of Ghana Foreign Exchange Reserves as it assesses monetary conditions.
The fourth quarter adds another dimension because foreign exchange demand typically increases during the period.
Building stronger buffers ahead of that demand could provide the central bank with more room to respond to external pressures and support currency stability.
What This Means For Africa
Ghana’s approach shows how an African commodity producer can use locally produced natural resources as part of a broader strategy for managing external financial pressures.
Gold is one of Ghana’s most important resources, and the domestic purchase programme creates a direct connection between mining production and Ghana Foreign Exchange Reserves.
The increase in the required share of large-scale miners’ annual production sold to the central bank from 20% to 30% demonstrates the importance policymakers have placed on that connection.
However, the decline in holdings from 33 metric tons to 24.4 metric tons also shows that building reserves through commodities is not automatic. The amount purchased, the amount sold and the structure of Ghana Gold Exports all influence the final reserve position.
For other gold-producing African economies, Ghana provides an example of how domestic commodity resources can be incorporated into reserve management. The results also demonstrate the operational challenges involved when purchases fall below targets or export arrangements change.
The wider global environment makes those buffers more important. Higher oil prices can increase foreign exchange requirements for energy-importing economies, while geopolitical uncertainty can affect currencies, trade and capital flows.
Ghana enters that environment with an economy that grew 6.0% in the second quarter but with reserve pressures that the central bank says require attention.
The next phase will depend on how effectively the Bank of Ghana rebuilds Ghana Foreign Exchange Reserves, how quickly normal Ghana Gold Exports through GoldBod resume and whether domestic gold purchases reach the levels policymakers are targeting.
For now, Asiama has made the central bank’s immediate direction clear. Strengthening Ghana’s reserve buffers will be a priority as the country prepares for higher foreign exchange demand and a less predictable global economic environment.
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Image Credit: Bloomberg
