Gold shipments resume as Ghana rebuilds foreign exchange reserves — BoG governor

Significant gold shipments from Ghana have resumed, providing additional support for the Bank of Ghana’s efforts to rebuild the country’s international reserves, Governor Dr Johnson Asiama has disclosed.

Dr Asiama said the Ghana Gold Board (GoldBod) had not completely stopped exporting gold, although the frequency of shipments had declined in recent months compared with the previous two quarters.

Speaking at a press briefing after the 132nd Monetary Policy Committee meeting, the Governor said new data indicated that GoldBod had shipped a substantial volume of gold during the previous week.

He said the latest exports were already contributing to the accumulation of Ghana’s foreign exchange reserves.

“The story has changed between yesterday morning and right now this morning, based on the new data that just came in,” Dr Asiama said.

Despite the positive development, the Governor identified movements in international gold prices as a major risk to the pace of reserve accumulation.

He explained that gold prices are largely influenced by external developments beyond Ghana’s control, including monetary policy decisions by major economies.

“When the US increases its policy rate, you notice what happens these days. Gold prices tend to be depressed,” he said.

Dr Asiama noted that sustained favourable gold prices would be important in maintaining shipment volumes and supporting the country’s reserve-building efforts.

The latest development comes as the Bank of Ghana pursues its external reserve targets under the Ghana Accelerated Reserve Accumulation Program (GANRAP).

The central bank currently estimates Ghana’s gross international reserves at approximately 4.5 months of import cover, exceeding the three-month benchmark.

Dr Asiama said the country remained on track towards its medium-term reserve accumulation target, stressing that the strategy would not rely exclusively on gold exports.

He said other sources of export earnings, including non-traditional exports, would also contribute to efforts to strengthen Ghana’s external buffers.

Meanwhile, the Monetary Policy Committee maintained the Monetary Policy Rate at 14% for the third consecutive meeting.