Amanze Chinonye
Ghana’s central bank will prioritise rebuilding foreign exchange reserves as slower gold shipments, a pause in GoldBod exports and a weakening current account put pressure on the country’s external position, The Governor of Bank of Ghana, Dr Johnson Asiama said on Wednesday.
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The Bank of Ghana’s gross international reserves currently cover about 4.2 months of imports, while the current account is expected to post a deficit in the third quarter as gold shipments slow and service payments rise, Asiama said. The pressure comes ahead of the seasonal increase in foreign exchange demand typically seen in the fourth quarter.
“The weaker current account, the decline in reserves, and the pause in gold exports by GoldBod since mid-August [2026] call for a careful look at our buffers ahead of the usual rise in foreign exchange demand in the fourth quarter,” Asiama said at the opening of the central bank’s 132nd Monetary Policy Committee meeting.
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Ghana’s gold reserves fell to 24.4 metric tonnes in June from 33 tonnes a year earlier, following gold sales in 2025 and lower-than-targeted purchases from large-scale mining companies. In May, the government increased the share of annual gold output that large-scale miners must sell to the central bank to 30% from 20% to support reserve accumulation.
GoldBod, which oversees the purchase and export of Ghanaian gold, generated $1.315 billion in foreign exchange in August, including $646.59 million made available to the Bank of Ghana for reserve accumulation. The export pause since mid-August could constrain an important source of foreign exchange as the central bank seeks to strengthen its external buffers.
The MPC is assessing the implications of the weaker external position for monetary policy and whether its 14% policy rate remains appropriate amid inflationary pressures and changing global economic conditions.
Ghana’s economy grew 6.0% year-on-year in the second quarter, compared with revised growth of 6.6% in the same period of 2025.
Amanze Chinonye is a Staff Correspondent at Prime Business Africa, a rising star in the literary world, weaving captivating stories that transport readers to the vibrant landscapes of Nigeria and the rest of Africa. With a unique voice that blends with the newspaper's tradition and style, Chinonye's writing is a masterful exploration of the human condition, delving into themes of identity, culture, and social justice. Through her words, Chinonye paints vivid portraits of everyday African life, from the bustling markets of Nigeria's Lagos to the quiet villages of South Africa's countryside . With a keen eye for detail and a deep understanding of the complexities of Nigerian society, Chinonye's writing is both a testament to the country's rich cultural heritage and a powerful call to action for a brighter future. As a writer, Chinonye is a true storyteller, using her dexterity to educate, inspire, and uplift readers around the world.
