Ghana resumes gold shipments after August slowdown – Governor

Dr. Johnson Pandit Asiama, the Governor of the Bank of Ghana, announced the resumption of gold export shipments following a slowdown in August, clarifying that shipments had not entirely ceased but rather became less regular. At the Bank's 132nd Monetary Policy Committee press briefing in Accra, he addressed concerns about the country's foreign exchange buffers.

Ghana's official gold reserves increased from 24.4 tonnes in June 2026 to 25.2 tonnes in August, valued at $3.565 billion, according to the Bank of Ghana's September 2026 Economic and Financial Data. Dr. Asiama explained that shipments became less consistent after August, but resumed last week, contributing to the nation's growing reserves.

Gold exports continue to fuel Ghana's external trade performance, with total exports reaching $22.44 billion by August 2026, maintaining a current account surplus of $5.11 billion in June 2026. The irregular shipment pattern didn't pose significant logistical risks, and external factors, like US policy rate increases, impacted gold prices and reserve accumulation.

Dr. Asiama emphasized that if gold prices remained stable, shipments would continue to support reserves. He also noted the need for careful management of buffers due to weaker current account, declining reserves, and paused GoldBod exports since mid-August, particularly as geopolitical tensions and high energy payments affected the external sector.

The Central Bank operates with rule-based systems, using reserve accumulation, intervention, and intermediation to manage forex markets. A major policy shift in September 2026 banned the export of unrefined gold doré, requiring self-financing aggregators to refine gold locally at an approved refinery before export.