Ghana’s Central Bank to Focus on Rebuilding Forex Reserves

Ghana’s central bank has announced plans to prioritize rebuilding foreign-exchange reserves as it manages a weakening current account, declining reserves, and a halt in gold exports by state buyer GoldBod in August. The bank’s governor, Johnson Asiama, said policymakers must strengthen the country’s buffers ahead of the usual increase in foreign-exchange demand during the fourth quarter, while also navigating uncertainty linked to the Middle East conflict and higher oil prices. GoldBod collects locally mined gold for export and reserve building, passing some to the central bank to support the currency. However, Ghana’s gold reserves fell to 24.4 metric tons in June 2026 from 33 metric tons in June 2025, reflecting lower-than-targeted purchases from large-scale miners. GoldBod has since raised the share of gold large-scale miners must sell to the state to 30% from 20%.