Bank of Ghana Governor Dr. Johnson Asiama Announces Resumed Gold Shipments to Bolster National Reserves

Bank of Ghana Governor Dr. Johnson Pandit Asiama has announced a significant resumption in gold shipments, providing a critical boost to the nation’s foreign exchange reserves. During a recent media briefing following a Monetary Policy Committee meeting, Dr. Asiama revealed that despite a period of inconsistent export volumes, recent data from the previous week shows a substantial surge in gold exports. This resurgence is central to the Bank of Ghana’s Ghana Accelerated Reserve Accumulation Program (GANRAP), which aims to strengthen the country’s external buffers. Currently, Ghana’s gross international reserves have reached approximately 4.5 months of import cover, comfortably exceeding the recommended three-month benchmark and signaling improved macroeconomic stability.

While the increase in shipment volume provides immediate relief to the forex market, the Governor cautioned that the strategy remains vulnerable to international market volatility. External factors, particularly U.S. interest rate decisions and global monetary policy shifts, continue to influence gold prices and, by extension, the pace of Ghana’s reserve accumulation. To mitigate these risks, the central bank is collaborating with the newly established Ghana Gold Board (GoldBod) to enhance market intermediation. This partnership is designed to modernize the sector and ensure a more consistent flow of foreign exchange from gold exports into the domestic market, further stabilizing the cedi.

The government is also pivoting toward a value-addition strategy to ensure greater domestic economic retention. Under the Ghana Gold Board Act of 2025 (Act 1140), a new directive mandates that starting September 1, 2026, all gold dore must be refined locally before receiving export clearance. This structural shift is intended to transition the industry from raw extraction to a comprehensive refining process, creating local jobs and increasing the financial returns from the sector. Economists, including Professor Peter Quartey, have lauded the move as a necessary step to build economic resilience and reduce the risks associated with over-dependence on a single raw commodity.

Reflecting the sector's pivotal role in the national economy, gold export receipts nearly doubled in a year, climbing from $10.31 billion in 2024 to $20.98 billion in 2025. This growth has contributed to a record trade surplus and a more robust fiscal outlook. Against this backdrop of strengthening reserves and steady growth, the Monetary Policy Committee has opted to maintain the Monetary Policy Rate at 14 percent for the third consecutive meeting. Moving forward, the Bank of Ghana and GoldBod intend to focus on formalizing the supply chain and enhancing traceability to combat smuggling and ensure that Ghana’s gold resources continue to drive long-term economic growth.