Gold export shipments from Ghana have resumed regularity following a slowdown in August, with the Governor of the Bank of Ghana (BoG), Dr Johnson Pandit Asiama, saying the country’s gold exports never stopped despite becoming less frequent.

Dr Asiama said the latest shipments were already supporting Ghana’s reserve accumulation, as the country seeks to strengthen its foreign exchange buffers ahead of the traditionally high demand for foreign exchange in the final quarter of the year.

Speaking at the Bank’s 132nd Monetary Policy Committee press briefing in Accra on Thursday, the Governor said the frequency of gold shipments had declined compared with the previous two quarters but had picked up again in September.

“Only last week, the Ghana Gold Board (GoldBod) exported quite a significant amount of gold outside the country,” he said, explaining that the irregularity in shipments did not represent a major logistical risk to Ghana’s external position.

The Governor said the more significant risk to Ghana’s gold export receipts and reserve accumulation came from movements in international gold prices, which are influenced by external factors beyond the country’s control.

“When the US increases its policy rate, gold prices tend to be depressed. These are exogenous factors that we do not control and that is really where the risks are,” Dr Asiama said.

He added that stable gold prices would provide a stronger basis for continued shipments and reserve accumulation.

Ghana’s gold exports remain a major contributor to the country’s external sector, with total exports reaching US$22.44 billion by August 2026. The country also recorded a current account surplus of US$5.11 billion as of June 2026.

Official gold reserves increased from 24.4 tonnes valued at US$3.652 billion in June 2026 to 25.2 tonnes in August, although the recorded value stood at US$3.565 billion, according to the Bank of Ghana’s Summary of Economic and Financial Data for September 2026.

Ghana’s gross international reserves stood at US$11.07 billion at the end of August, equivalent to 4.2 months of import cover. The figure subsequently rose to US$12.05 billion, representing 4.5 months of import cover, by September 22.

Dr Asiama said rebuilding the country’s reserves would remain a key priority for the Bank, particularly ahead of the fourth quarter when foreign exchange demand traditionally rises because of increased economic activity and the Christmas season.

He acknowledged that a weaker current account position, pressure on reserves and the less regular GoldBod shipments in August required careful management of Ghana’s external buffers.

He also pointed to geopolitical tensions and elevated energy payments as factors that could put additional pressure on the external sector.

On foreign exchange market intervention, the Governor said the Bank was operating a rule-based framework built around three key instruments: reserve accumulation, intervention and intermediation.

He said the framework was designed with a medium-term objective and should not be assessed solely on its immediate performance.

According to him, the Bank has further refined the framework over the past month and plans additional modifications.

“We want to transition that framework further, where GoldBod will be playing part in that intermediation role. We’re in touch with GoldBod to perfect that new framework and when it’s done, we’ll communicate it to the market,” he said.

Dr Asiama stressed that the overarching objective was to build sufficient reserves to strengthen Ghana’s resilience against external shocks.

“Our prime objective is to build adequate reserves at all times because that is what supports our resilience as a country,” he said.

The developments come alongside a new policy by the Ghana Gold Board, which took effect on September 1, 2026, banning the export of unrefined gold doré under the Ghana Gold Board Act, 2025 (Act 1140).

Under the directive, self-financing aggregators are required to refine gold doré locally at a GoldBod-approved refinery before securing export approval.

Gold offtake agreements between self-financing aggregators and approved counterparties must also contain provisions requiring local refining, with breaches potentially resulting in the suspension or revocation of licences.