The Bank of Ghana has cautioned that fluctuations in international gold prices could affect Ghana’s efforts to build its foreign exchange reserves, even as fresh gold shipments provide renewed support for the country’s external buffers.
Governor of the Bank of Ghana, Dr Johnson Asiama, said the Ghana Gold Board (GoldBod) had recently resumed significant gold shipments after exports became less regular in recent months.
Speaking at a press briefing following the 132nd Monetary Policy Committee meeting, Dr Asiama said new data received by the Bank showed that GoldBod had exported a significant volume of gold the previous week.
He said the shipments were contributing to the accumulation of Ghana’s international reserves.
“The story has changed between yesterday morning and right now this morning, based on the new data that just came in,” he said.
However, Dr Asiama identified international gold prices as a major variable that could influence the pace of reserve accumulation.
He explained that Ghana’s gold export earnings are exposed to developments in the global economy, particularly monetary policy decisions by major central banks.
“When the US increases its policy rate, you notice what happens these days. Gold prices tend to be depressed,” the Governor said.
According to him, sustained favourable gold prices would be important for maintaining strong gold export proceeds and supporting Ghana’s reserve accumulation programme.
The development forms part of the Bank of Ghana’s broader strategy under the Ghana Accelerated Reserve Accumulation Program (GANRAP), which seeks to strengthen the country’s foreign exchange buffers.
Ghana’s gross international reserves are currently estimated at about 4.5 months of import cover, exceeding the three-month benchmark.
Dr Asiama said the country remained on course to meet its medium-term reserve accumulation target but stressed that the strategy would not rely solely on gold exports.
He said other sources of foreign exchange, including non-traditional exports, would also contribute to the accumulation of reserves.
Meanwhile, the Monetary Policy Committee maintained the Monetary Policy Rate at 14% for the third consecutive meeting.
