Bank of Ghana Governor Johnson Asiama has confirmed that gold export shipments from Ghana, which had slowed down for several months, have picked up again in September. This rebound comes as Ghana enters its riskiest quarter for the cedi, with increased demand for foreign currency typically seen in the final three months of the year. Asiama made the announcement during the Bank's 132nd Monetary Policy Committee press briefing in Accra.
According to Asiama, the slowdown in gold shipments was not due to a halt in exports, but rather a decrease in frequency over the previous two quarters. However, with a large consignment moved out through the Ghana Gold Board just last week, the September rebound is already feeding into the country's reserve accumulation efforts. The Governor emphasized that the earlier slowdown did not pose a major logistical risk to Ghana's external finances.
Asiama identified swings in international gold prices as a bigger threat to Ghana's gold export earnings, as these are driven by factors such as US monetary policy decisions and are largely outside Ghana's control. Stable prices abroad would make it easier to sustain both shipment volumes and reserve build-up at home. Gold is one of the biggest sources of foreign currency flowing into Ghana, and the Bank of Ghana relies on it to defend the cedi and pay for imports.
The Ghana Gold Board (GoldBod) generated $1.315 billion in foreign exchange in August, highlighting the significance of gold exports to the country's currency stability. Any slowdown in shipments raises questions about whether this cushion can hold up during periods of increased demand for dollars. Asiama's confirmation that shipments have resumed will be seen as reassuring that Ghana's gold-backed FX strategy remains intact heading into the higher-risk final quarter.
According to the Bank of Ghana's figures, official gold reserves rose from 24.4 tonnes worth $3.652 billion in June to 25.2 tonnes by August, although the recorded value slipped slightly to $3.565 billion. Ghana's gross international reserves stood at $11.07 billion at the end of August, equivalent to 4.2 months of import cover, before increasing to $12.05 billion, or 4.5 months of cover, by 22 September.
The update follows recent scrutiny of Ghana's gold sector, including GoldBod's push to refine more gold locally before export and President Mahama's pledge to process Ghana's minerals rather than export them raw. Since 1 September, GoldBod has enforced a ban on exporting unrefined gold doré under the Ghana Gold Board Act, 2025 (Act 1140), requiring self-financing aggregators to refine doré locally at a GoldBod-approved refinery before securing export approval.
Asiama also announced that the Bank has been refining its foreign exchange intervention framework over the past month and intends to bring GoldBod more directly into that intermediation role. The Bank is working with GoldBod to finalize details before communicating any changes to the market, although no specific date has been given for the revised framework to be rolled out.
Key points
- Gold shipments from Ghana have rebounded in September after a slowdown in August.
- The rebound in gold shipments is feeding into Ghana's reserve accumulation efforts.
- Swings in international gold prices pose a bigger threat to Ghana's gold export earnings than shipment logistics.
