By Francis Ntow
Accra, Sept 25, GNA – Dr Johnson Pandit Asiama, the Governor of the Bank of Ghana (BoG), says Ghana’s gold export shipments has resumed following a slowdown in August, noting that export of the commodity did not pause, but rather became comparably less regular.
Dr Asiama made the remarks at the Bank’s 132nd Monetary Policy Committee (MPC) press briefing in Accra Thursday, while responding to concerns about the country’s foreign exchange buffers.
Ghana’s official gold reserves rose from the 24.4 tonnes valued at US$3.652 billion in June 2026, to 25.2 tonnes in August, US$3.565bn, the Bank of Ghana’s Summary of Economic and Financial Data for September 2026 showed.
The Central Bank Governor explained that shipment became less regular compared to the last two-quarters as of August 2026, adding that regular shipment resumed last week, supporting the country’s reserves build up.
Gold exports continue to drive Ghana’s external trade performance despite reserve pressures, with the commodity pushing total exports to US$22.44bn by August 2026, sustaining a current account surplus of US$5.11bn in June 2026.
“Only last week, the Ghana Gold Board (GoldBod) exported quite a significant amount of gold outside the country,” he said, noting that the irregular shipment pattern did not pose a major risk as far as logistics was concerned.
He explained that the real risk lied with international gold prices, which were external and outside the control of Ghana, including a policy rate increase by the United States, affected gold prices.
Such external factors, he said, determined export receipts and reserve accumulation, indicating that if gold prices remained stable, shipments would continue to support reserves in the future.
“When the US increases its policy rate, gold prices tend to be depressed. These are exogenous factors that we do not control and that is really where the risks are. If the gold prices are comfortable, we’re sure that shipment will continue, thereby, supporting our reserve accumulation going forward,” Dr Asiama said.
Ghana’s gross international reserves stood at US$11.07 billion at the end of August 2026, providing 4.2 months of import cover, compared to US$10.92bn in August 2025, increasing to US$12.05bn, equivalent to 4.5 months of import cover by September 22.
The Governor reiterated that rebuilding reserves would be a key priority for the Bank in the coming months ahead of the usual rise in forex demand in the fourth quarter in view of the Christmas festivities.
He noted that the weaker current account, decline in reserves and pause in GoldBod exports since mid-August called for careful management of buffers, especially when geopolitical tensions and elevated energy payments had pressured the external sector.
On forex market intervention, Dr Asiama said the Central Bank operated with clear rule-based systems when the need arose, using three key instruments – reserve accumulation, intervention and intermediation under a new framework.
He explained that the framework was medium-term and should not be judged solely on immediate performance, having transitioned the framework further in the last one month with additional modifications in the days ahead.
“We want to transition that framework further, where GoldBod will be playing part in that intermediation role. We’re in touch with GoldBod to perfect that new framework and when it’s done, we’ll communicate it these to the market.
“Our prime objective is to build adequate reserves at all times because that is what supports our resilience as a country,” Dr Asiama assured, pledging the Bank’s commitment to ensuring a resilient economy.
In a major policy shift, the GoldBod, effective September 1, 2026, banned the export of unrefined gold doré under the Ghana Gold Board Act, 2025 (Act 1140).
It said self-financing aggregators were required to refine gold doré locally at a GoldBod-approved refinery before export approval was granted.
The directive required all offtake agreements between self-financing aggregators and approved, to expressly include mandatory local refining, failure of which would constitute a breach of SFA licence conditions and could lead to suspension or revocation.
GNA
Edited by Agnes Boye-Doe
Reporter: Francis Ntow