BoG warns of pressure on reserves as GoldBod pauses exports

The Bank of Ghana has raised concerns over the strain on the country's reserves following a slowdown in gold shipments and a halt in exports by Ghana Gold Board (GoldBod) since mid-August 2026. At the opening of the 132nd Monetary Policy Committee meeting, Governor Dr Johnson Asiama highlighted the impact of these developments on Ghana's external position.

Dr Asiama pointed out that the weaker current account, declining reserves, and the pause in GoldBod's exports necessitate close monitoring ahead of the anticipated increase in foreign exchange demand in the fourth quarter. He emphasized that the current gross international reserves, amounting to approximately 4.2 months of import cover, and a projected current account deficit in the third quarter, underscore the urgency of rebuilding Ghana's reserves.

Dr Asiama underscored that restoring Ghana's reserves will be a top priority for the Bank of Ghana in the forthcoming months. The remarks come as the Monetary Policy Committee evaluates the risks posed to the economy, including the ramifications of the deteriorating external position for monetary policy, with the policy rate at 14% being scrutinized amid rising inflation and evolving global economic conditions.