Ghana’s external buffers are coming under renewed pressure as weaker gold shipments and a pause in exports by the Ghana Gold Board (GoldBod) weigh on the country’s external position, the Bank of Ghana (BoG) has cautioned.
BoG Governor Dr Johnson Asiama said the slowdown in gold shipments, together with GoldBod’s suspension of gold exports since mid-August 2026, was creating additional pressure on the country’s external position at a time when foreign exchange demand is expected to increase in the final quarter.
He made the disclosure at the opening of the 132nd Monetary Policy Committee (MPC) meeting yesterday.
According to the Governor, the combination of a weaker current account, declining gross international reserves and the interruption in GoldBod’s export flows required closer monitoring of the country’s external buffers.
“The weaker current account, the decline in reserves, and the pause in gold exports by GoldBod since mid-August [2026] call for a careful look at our buffers ahead of the usual rise in foreign exchange demand in the fourth quarter,” he said.
Ghana’s gross international reserves currently provide approximately 4.2 months of import cover, Dr Asiama disclosed, while the current account is projected to move into deficit in the third quarter as gold shipments slow and payments for services increase.
The developments could put additional pressure on the country’s foreign exchange position, particularly as demand for foreign currency typically rises toward the end of the year.
Reserve rebuilding becomes priority
Dr Asiama said rebuilding the country’s international reserves would be a key priority for the central bank in the coming months.
The Governor’s comments highlight the importance of gold export flows to Ghana’s external position, given the commodity’s role in generating foreign exchange earnings and supporting international reserves.
The pause in GoldBod exports therefore comes at a sensitive period for the economy, with the central bank also monitoring movements in the current account and foreign exchange market.
The weaker external position is among the factors the MPC is assessing as it considers the broader risks to the economy and the appropriate monetary policy stance.
The Committee is meeting against a backdrop of improving macroeconomic conditions but renewed pressures on inflation, the exchange rate and global commodity markets.
With the Monetary Policy Rate currently at 14 percent, the MPC is also considering whether existing monetary conditions remain appropriate as it balances price stability, economic growth and financial stability.
The latest assessment of the external sector could therefore be important to the Committee’s deliberations, particularly given the potential impact of weaker foreign exchange inflows on the cedi and inflation.
For the central bank, restoring reserve buffers will remain critical to strengthening Ghana’s capacity to absorb external shocks and meet foreign exchange needs as demand rises in the final quarter.
Source: businesspostonline
