BANK OF GHANA WARNS OF PRESSURE ON RESERVES AS GOLDBOD PAUSES GOLD EXPORTS

Ghana's foreign exchange reserves are facing renewed pressure as gold exports slow and the Ghana Gold Board pauses shipments, Bank of Ghana Governor Johnson Asiama has warned, highlighting emerging risks to one of the key pillars supporting the country's recent economic stability.

Asiama, speaking at the opening of the Bank of Ghana's latest Monetary Policy Committee meeting, said GoldBod has paused gold exports since mid-August while broader gold shipments from the country have also slowed.

The development is occurring as Ghana's external position begins to weaken following a period in which strong gold export earnings helped boost foreign exchange inflows, build reserves and support the cedi.

Asiama said gross international reserves currently provide approximately 4.2 months of import cover.

The current account, meanwhile, is projected to move into deficit during the third quarter as gold shipments slow and payments for services increase.

The governor said the combination of a weaker current account, declining reserves and the interruption to GoldBod exports requires close attention, particularly ahead of the fourth quarter when demand for foreign currency typically increases.

Rebuilding Ghana's reserve buffers will therefore be a major priority for the central bank in the coming months.

The latest warning represents a shift from the stronger external position Ghana recorded during the first half of the year.

Gold has played an increasingly important role in the country's foreign exchange strategy, with historically strong export receipts helping Ghana rebuild its international reserves.

Bank of Ghana data showed gross international reserves at $12.9 billion at the end of June 2026, after declining from $13.8 billion at the end of December 2025.

GoldBod has also become an important component of the government's strategy for converting Ghana's gold production into foreign exchange and supporting reserve accumulation.

The institution said it generated $1.315 billion in foreign exchange during August under a new financing arrangement for artisanal and small scale mining gold.

Of that amount, $668.21 million was made available to commercial banks through spot sales and funded forward arrangements, while $646.59 million was provided to the Bank of Ghana for reserve accumulation.

GoldBod had projected that its foreign exchange generation would rise to about $1.4 billion in September, with as much as $700 million earmarked for the central bank's reserve accumulation programme.

The latest comments from the Bank of Ghana indicate, however, that the timing of actual gold shipments and export receipts remains important for the country's near term external position.

GoldBod has also been implementing changes to Ghana's gold export framework.

From September 1, self financing aggregators were required to refine gold doré in Ghana before export, ending approval for exports of unrefined doré under those arrangements.

The policy forms part of efforts to increase local value addition and strengthen oversight of the gold trade.

The central bank's warning does not mean Ghana has exhausted its foreign exchange reserves. Rather, it signals that the buffers built during the period of strong gold earnings are beginning to face pressure as export inflows slow and foreign exchange demands increase.

The development will be closely watched because Ghana's reserve position is directly linked to the Bank of Ghana's ability to manage external shocks and maintain orderly conditions in the foreign exchange market.

A sustained slowdown in export receipts could also increase pressure on the cedi if demand for foreign currency rises faster than available inflows.

The Monetary Policy Committee is assessing those external risks alongside inflation, economic growth, government financing and conditions in the foreign exchange market as it considers the appropriate direction of monetary policy.

For policymakers, the immediate challenge will be ensuring that the slowdown in gold exports does not undermine the reserve accumulation achieved over the past year.

With foreign exchange demand traditionally rising toward the end of the year, Asiama's comments signal that the Bank of Ghana is preparing for a potentially more challenging external environment in the months ahead.