Ghana’s gold reserves recorded a modest rebound in April 2026, easing concerns over recent depletion pressures even as holdings remained below levels recorded a year earlier.
New data released by the Bank of Ghana showed that the country’s gold reserves stood at 22.3 tonnes in the first four months of 2026, compared to 31.4 tonnes during the same period in 2025.
Although the figures still reflect a significant year-on-year decline, the April performance marked an improvement from the 20.8 tonnes recorded in March 2026, suggesting a short-term recovery in reserve accumulation.
The earlier decline in holdings had raised concerns about possible pressure on Ghana’s external reserves at a time when policymakers remain focused on maintaining macroeconomic stability and strengthening external buffers.
Despite the reduction in physical gold reserves, Ghana’s external sector continued to show resilience, supported largely by strong commodity export earnings.
Gold exports generated approximately $6.86 billion during the review period, maintaining the commodity’s position as Ghana’s largest foreign exchange earner and reinforcing the country’s status as one of Africa’s leading gold exporters.
According to the data, total exports reached $11.15 billion, significantly exceeding imports of $5.87 billion and resulting in a trade surplus of about $5.28 billion.
Other key exports also contributed to the positive trade performance, with cocoa exports generating $1.86 billion while oil exports brought in about $1.28 billion.
The report further showed that gross international reserves declined slightly to $13.95 billion in April 2026 from $14.16 billion recorded in March, while net international reserves moderated to $10.99 billion over the same period.
The central bank has previously indicated that it is pursuing a broader reserve diversification strategy aimed at improving the resilience and quality of Ghana’s external buffers rather than focusing solely on reserve accumulation volumes.
The latest figures come amid ongoing economic policy discussions between Ghana and the International Monetary Fund (IMF), as the country prepares to complete its Extended Credit Facility (ECF) programme and transition toward a Policy Coordination Instrument (PCI) framework focused on sustaining economic stability and fiscal discipline.
