BoG warns of pressure on reserves as GoldBod pauses exports

The Bank of Ghana says the slowdown in Ghana’s gold shipments, coupled with a pause in gold exports by the Ghana Gold Board (GoldBod) since mid-August 2026, is contributing to pressure on the country’s external position.

The Governor of the Bank of Ghana, Dr Johnson Asiama, disclosed this at the opening of the 132nd Monetary Policy Committee meeting.

He said gold shipments have slowed, while GoldBod has also paused its gold exports since mid-August, developments that are coming at a time when Ghana’s external position is facing pressure.

Dr Asiama said the weaker current account, declining reserves and the pause in GoldBod’s exports require close monitoring ahead of the usual rise in foreign exchange demand in the fourth quarter.

"The weaker current account, the decline in reserves, and the pause in gold exports by GoldBod since mid-August [2026] call for a careful look at our buffers ahead of the usual rise in foreign exchange demand in the fourth quarter,” he said.

He noted that Ghana’s gross international reserves currently provide about 4.2 months of import cover, while the current account is projected to record a deficit in the third quarter as gold shipments slow and service payments increase.

The Governor stressed that rebuilding Ghana’s reserves will be a key priority for the Bank of Ghana in the coming months.

The comments come as the MPC assesses the risks facing the economy, including the implications of the weaker external position for monetary policy.

The Committee is also considering whether the current policy rate of 14% remains appropriate amid rising inflation and changing global economic conditions.

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DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.