GoldBod resumes significant gold shipments, supporting reserves – BoG

The Ghana Gold Board, or GoldBod, has restarted significant gold shipments, according to Dr. Johnson Asiama, Governor of the Bank of Ghana (BoG). This move is contributing to the accumulation of the nation's foreign exchange reserves. During the 132nd MPC press briefing, Asiama explained that while gold shipments had become irregular as of August, they have since resumed and are strengthening the reserves.

The latest shipments occurred during the Monetary Policy Committee's meeting, altering the initial assessment of the situation. Asiama emphasized that while the frequency of gold exports has decreased, recent data indicates a pickup in shipments. He cautioned that the main risk to reserve accumulation lies in fluctuations in international gold prices, which are beyond Ghana's control.

Asiama noted that international factors, such as US monetary policy, can impact gold prices and consequently affect the value of Ghana's exports and reserve accumulation. He also mentioned that as long as gold prices remain favorable, GoldBod is expected to continue supporting the build-up of Ghana's reserves. This development aligns with the Bank of Ghana's ongoing focus on reserve accumulation as part of its foreign exchange management strategy.

Asiama further indicated that GoldBod is expected to play a more significant role in the Bank's evolving foreign exchange management framework, which is currently being finalized with the gold board.