Ghana’s foreign exchange reserves have rebounded to cover about four and a half months of imports, supported by the operations of its newly established state-run gold trading body, according to Bank of Ghana Governor Johnson Asiama. The initiative, known as GoldBod, was created earlier this year to centralize gold trade and ensure that export proceeds are repatriated into the domestic economy, Reuters reported.
Governor Asiama stated that GoldBod has so far facilitated around $8 billion in gold transactions, helping to stabilize foreign exchange inflows and reduce reliance on external borrowing. The central bank also continues to receive direct gold deliveries from major mining companies under existing agreements, further strengthening Ghana’s reserve position.
This development represents a turnaround from the country’s reserve challenges in 2022, when prolonged economic headwinds and capital flight left the central bank struggling to defend the cedi. By consolidating gold exports under government oversight, Ghana aims to improve liquidity management and maintain a healthier balance-of-payments outlook.
Analysts have welcomed the policy as a significant step toward macroeconomic stability but caution that its long-term success will depend on strong governance, transparency, and prudent financial management. As Ghana continues its economic recovery and debt restructuring efforts, maintaining robust reserves remains a key priority.
