Ghana Focuses on Rebuilding Reserves Amid Weaker Current Account

Ghana's central bank is prioritizing rebuilding foreign exchange reserves amid a weaker current account and declining reserves. According to Governor Johnson Asiama, the bank will need to balance positive domestic conditions against an uncertain global backdrop shaped by the Middle East conflict and rising oil prices.

The country's gold reserves fell to 24.4 metric tons in June from 33 tons a year earlier, reflecting gold sales in 2025 and lower-than-targeted purchases from large-scale miners. GoldBod, the state buyer of gold, has paused exports since August.

To rebuild reserves, the bank will focus on accumulating gold through its domestic purchase programme, which aggregates locally produced gold for export and reserve accumulation. The central bank will also bolster reserves by transferring part of the bullion to it from GoldBod.