Ghana to rebuild reserves as GoldBod export pause drains buffers
By Aboki Forex —
Ghana's central bank will prioritise rebuilding foreign exchange reserves in the coming months, Governor Johnson Asiama said on Wednesday, citing 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.
Gold reserves fall to 24.4 tonnes
Ghana's gold reserves fell to 24.4 metric tons in June 2026 from 33 tons a year earlier. The decline reflects 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.
Miner sales quota raised to 30%
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.
Growth eases to 6.0% in second quarter
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 pause in GoldBod exports and the slide in bullion holdings will shape how the cedi trades into the fourth quarter, when forex demand typically rises. The higher 30% miner sales quota gives the central bank a bigger claim on output, but the flow into reserves depends on GoldBod resuming purchases and exports. West African importers pricing goods in dollars should watch Accra's reserve rebuild closely, since a weaker cedi tends to raise the naira cost of sourcing through Ghanaian channels.