The Bank of Ghana has expressed concerns over the pressure on the country's external position due to a slowdown in gold shipments and a pause in gold exports by the Ghana Gold Board (GoldBod) since mid-August 2026. This development comes at a time when Ghana's external position is facing pressure. The Governor of the Bank of Ghana, Dr. Johnson Asiama, disclosed this at the opening of the 132nd Monetary Policy Committee meeting.
According to Dr. Asiama, gold shipments have slowed, and GoldBod has paused its gold exports since mid-August. This has resulted in a weaker current account, declining reserves, and a need for close monitoring ahead of the usual rise in foreign exchange demand in the fourth quarter. The Governor stressed that rebuilding Ghana's reserves will be a key priority for the Bank of Ghana in the coming months.
Ghana's gross international reserves currently provide about 4.2 months of import cover, while the current account is projected to record a deficit in the third quarter as gold shipments slow and service payments increase. The Bank of Ghana is closely monitoring the situation to assess the risks facing the economy, including the implications of the weaker external position for monetary policy.
The Monetary Policy Committee is also considering whether the current policy rate of 14% remains appropriate amid rising inflation and changing global economic conditions. The Committee will assess the impact of the pause in gold exports by GoldBod and the slowdown in gold shipments on the overall economy.
The Bank of Ghana's concerns over the pressure on reserves come as the country faces rising inflation risks, with inflation climbing to 5%. The Governor noted that the weaker current account, the decline in reserves, and the pause in gold exports by GoldBod since mid-August call for a careful look at Ghana's buffers ahead of the usual rise in foreign exchange demand in the fourth quarter.
Rebuilding Ghana's reserves will be a key priority for the Bank of Ghana in the coming months. The Bank will closely monitor the situation to ensure that the country's external position is stable and that the economy is not adversely affected by the slowdown in gold shipments and the pause in gold exports by GoldBod.
The pause in gold exports by GoldBod and the slowdown in gold shipments have significant implications for Ghana's economy, which relies heavily on gold exports. The Bank of Ghana's efforts to rebuild the country's reserves and stabilize the external position will be crucial in mitigating the impact of these developments on the economy.
Key points
- The Bank of Ghana is closely monitoring the pressure on reserves due to the slowdown in gold shipments and pause in gold exports by GoldBod.
- Ghana's gross international reserves currently provide about 4.2 months of import cover.
- Rebuilding Ghana's reserves will be a key priority for the Bank of Ghana in the coming months.
