Ghana’s gold shipments have resumed after becoming less regular in August 2026, with Bank of Ghana Governor Dr Johnson Pandit Asiama saying recent exports have helped support the country’s foreign exchange reserves.
The development comes as gold continues to play a major role in Ghana’s external trade, with total exports reaching approximately US$22.44 billion by August 2026, according to figures cited by the Bank of Ghana.
Dr Asiama disclosed the latest position during the Bank’s 132nd Monetary Policy Committee press briefing in Accra.
Ghana Gold Shipments Become Regular Again
According to the Governor, Ghana’s gold exports did not completely stop during August, but shipments became less regular compared with the previous two quarters.
He said regular shipments resumed during the week before his briefing, with the Ghana Gold Board exporting a significant amount of gold.
The development is important because gold exports remain a major contributor to Ghana’s foreign exchange earnings and external trade performance.
Dr Asiama said the timing of gold shipments and international gold prices remain important factors for Ghana’s reserve accumulation.
Ghana Gold Exports Support Foreign Exchange Position
Gold has continued to be one of the main drivers of Ghana’s export earnings.
According to the Bank of Ghana information reported by the Ghana News Agency, Ghana’s total exports reached US$22.44 billion by August 2026.
The country’s current account also recorded a surplus of US$5.11 billion in June 2026.
The Bank of Ghana Governor said Ghana’s international reserves stood at US$11.07 billion at the end of August, equivalent to about 4.2 months of import cover.
By September 22, the reserves had increased to approximately US$12.05 billion, representing about 4.5 months of import cover.
International Gold Prices Remain a Key Factor
While Ghana has control over its production and export systems, international gold prices remain outside the country’s control.
Dr Asiama explained that external developments, including changes in United States monetary policy, can influence gold prices and consequently Ghana’s export receipts.
Higher gold prices can increase the value of Ghana’s exports, while weaker prices can affect export receipts and reserve accumulation.
This means the country’s foreign exchange position is influenced not only by how much gold is shipped but also by the price of gold on international markets.
GoldBod Gold Policy: New Local Refining Rule
The latest development also comes after a major policy change involving the Ghana Gold Board.
Effective September 1, 2026, GoldBod introduced a ban on the export of unrefined gold doré under the Ghana Gold Board Act, 2025 (Act 1140).
Under the new policy, self-financing aggregators are required to refine gold doré locally at a GoldBod-approved refinery before receiving export approval.
The policy is part of efforts to increase local participation in Ghana’s gold value chain and ensure more value is retained within the country.
What Happens Next?
The Bank of Ghana says rebuilding foreign exchange reserves will remain an important priority, particularly as demand for foreign exchange traditionally rises towards the final quarter of the year.
Dr Asiama said the central bank would continue operating its foreign exchange framework through reserve accumulation, intervention and intermediation.
He also indicated that GoldBod would play a role in the evolving foreign exchange intermediation framework.
For Ghana, the return to more regular gold shipments provides an important development for the country’s external sector as officials monitor reserves, export receipts and international gold prices.
Key Details at a Glance
- Ghana’s gold shipments have resumed after an August slowdown.
- Gold exports had become less regular rather than completely stopping.
- Total exports reached US$22.44 billion by August 2026.
- Ghana’s international reserves stood at US$11.07 billion at end-August.
- Reserves increased to US$12.05 billion by September 22.
- GoldBod’s local refining requirement took effect on September 1, 2026.
Frequently Asked Questions
Did Ghana stop exporting gold in August 2026?
No. The Bank of Ghana Governor said shipments became less regular in August but did not completely stop.
Why are gold shipments important to Ghana?
Gold is a major source of export earnings and foreign exchange for Ghana and contributes significantly to the country’s external trade position.
What changed for gold doré exports in September 2026?
GoldBod introduced a requirement for self-financing aggregators to refine gold doré locally at an approved refinery before export approval.
Ghana’s renewed gold shipments therefore come at an important point for the country’s foreign exchange position, with gold remaining central to export earnings and reserve accumulation.
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Source: Bank of Ghana / Ghana News Agency
