Ghana central bank Governor Johnson Asiama said on Wednesday that rebuilding foreign-exchange reserves would be a key priority for the bank in the coming months, amid a weak current account, declining reserves and a halt in gold exports by state buyer GoldBod since August.
Asiama said at the opening of a monetary policy committee meeting that policymakers would need to balance generally positive domestic conditions with a global landscape marked by heightened uncertainty, amid the repercussions of the conflict in the Middle East and rising oil prices.
Reserve pressures ahead of the fourth quarter
Asiama said the weak current account, declining reserves and halt in gold exports called for a close review of financial buffers ahead of the usual increase in foreign-exchange demand during the fourth quarter.
Ghana’s gold reserves fell to 24.4 metric tons in June 2026, from 33 tons during the same period a year earlier, amid gold sales made during 2025 and lower-than-targeted central bank purchases from major mining companies.
Gold-buying program and support for the cedi
Under the domestic gold-buying program, GoldBod collects locally produced gold for export and reserve accumulation, while part of the bullion is transferred to the central bank to bolster reserves and support the local currency, the cedi.
In May, Ghana raised the share of annual production that major gold-mining companies must sell to the central bank to 30% from 20%, as part of an effort to strengthen foreign-exchange reserves.
Ghana’s economy grows 6.0%
Data from the Ghana Statistical Service showed earlier this month that the country’s economy grew 6.0% in the second quarter of 2026, below the revised growth rate of 6.6% recorded during the same period a year earlier, as the economy continued to expand while the central bank faced pressure on the current account and foreign-exchange reserves.
