Ghana Allocates $429 Million for Gold Purchases to Boost Reserves

Ghana has allocated $429 million to finance gold purchases from small-scale miners in an effort to boost foreign exchange reserves, according to its revised 2026 budget.

The allocation goes to the Ghana Gold Board (Goldbod), which buys unrefined gold for export. The government's decision shifts responsibility for financing the program from the central bank to the state, a move prompted by the International Monetary Fund (IMF).

Ghana had previously established Goldbod in 2025 as the sole agency authorized to purchase gold from artisanal and small-scale mines for export, part of an effort to curb smuggling and restore gold flows through official channels.