The Governor of the Bank of Ghana, Dr Johnson Asiama, says Ghana’s gold exports have picked up again, giving a fresh boost to the country’s foreign exchange reserves build-up.
He explained that the Ghana Gold Board (GoldBod) never fully stopped exports, though volumes had slowed in recent months compared to the last two quarters. Briefing journalists after the 132nd Monetary Policy Committee (MPC) meeting, Dr Asiama said new figures showed GoldBod shipped a substantial quantity of gold last week, aiding reserve accumulation.
“The story has changed between yesterday morning and right now this morning, based on the new data that just came in,” he noted.
Gold price remains main threatDespite the rebound, the Governor flagged global gold prices as the biggest risk to sustained accumulation, stressing they are driven by external forces such as US interest rate decisions.
“When the US increases its policy rate, you notice what happens these days. Gold prices tend to be depressed,” he said, adding that favourable prices would keep shipments steady. The update comes as the central bank pushes its Ghana Accelerated Reserve Accumulation Program (GANRAP) to strengthen external buffers.
Ghana’s gross international reserves currently cover about 4.5 months of imports, above the three-month minimum. Dr Asiama said the medium-term reserve target remains on track, with the strategy relying not only on gold but also on other exports, including non-traditional products.
The MPC kept the policy rate unchanged at 14% for the third straight meeting.
