Ghana Allocates $429M to Boost Reserves Through Gold Purchases

Ghana's government has allocated $429 million to boost its foreign-exchange reserves through gold purchases, as part of its revised 2026 budget.

The funds will be used by the Ghana Gold Board (GoldBod), a government entity established in 2025, to buy gold from artisanal and small-scale miners. This move is aimed at supercharging the country's foreign-exchange reserves, which reached a record $14.5 billion in February 2026.

The International Monetary Fund (IMF) had previously raised concerns about quasi-fiscal activities and the autonomy of the Bank of Ghana. As a result, the government took over the financing of gold purchases from the central bank.

Ghana's gold exports more than doubled in 2025, climbing from $10.3 billion to $21 billion. The government aims to achieve 15 months of import cover by the end of 2028 through aggressive gold acquisition under its Ghana Accelerated National Reserve Accumulation Policy (GANRAP).

The policy also includes a requirement for large-scale miners operating in Ghana to sell 30% of their output to GoldBod at a 0.55% discount to the Bank of Ghana's reference price, starting July 1, 2026.