BoG warns of pressure on reserves as GoldBod pauses exports

The Bank of Ghana (BoG) has expressed concerns over the strain on Ghana's external reserves due to a slowdown in gold shipments and a temporary halt in gold exports by the Ghana Gold Board (GoldBod) since mid-August 2026. Governor Dr Johnson Asiama made these remarks during the opening of the 132nd Monetary Policy Committee meeting.

He noted that the weaker current account, declining reserves, and the pause in GoldBod's exports necessitate close monitoring as the country approaches the fourth quarter, which typically sees an increase in foreign exchange demand. At present, Ghana's gross international reserves cover approximately 4.2 months of imports, while the current account is expected to show a deficit in the third quarter due to reduced gold exports and increased service payments.

The Governor emphasized that restoring Ghana's reserves will be a top priority for the BoG in the coming months. The Monetary Policy Committee is also evaluating the risks to the economy, including the impact of the deteriorating external position on monetary policy, and whether the current interest rate of 14% remains suitable amidst rising inflation and evolving global economic circumstances.