Reserves Boost: GoldBod Resumes Big Gold Shipments – BoG Governor
The Governor of the Bank of Ghana (BoG), Dr. Johnson Asiama, says the Ghana Gold Board (GoldBod) has resumed significant gold shipments, a development he says is supporting the continued accumulation of Ghana’s foreign exchange reserves.
Speaking at the 132nd Monetary Policy Committee (MPC) press briefing, Dr. Asiama said the regularity of gold shipments had weakened in August compared with the preceding two quarters but indicated that the situation had since improved significantly.
“The shipments have resumed. In fact, in the last week, Gold Board exported quite a significant amount of gold, and this is supporting the reserves build-up,” he said.
According to the Governor, the latest information on GoldBod’s shipments was received after the commencement of the MPC meeting and consequently changed the Bank’s assessment of the situation based on the information available at the beginning of the meeting.
He explained that although the frequency of gold shipments had declined as of August, the latest data indicated that exports had picked up again, supporting the country’s reserve accumulation efforts.
Dr. Asiama said the development did not currently constitute a significant risk to Ghana’s reserve accumulation, noting that the more significant risk was associated with movements in international gold prices.
“What poses a risk is the international gold price out there, and you know that one is not within our control,” he said.
He explained that developments in the global economy, including changes in US monetary policy, could influence international gold prices and, consequently, affect the value of Ghana’s gold exports and the pace of reserve accumulation.
The Governor said that as long as international gold prices remained supportive, the Bank expected gold shipments to continue contributing to the growth of Ghana’s foreign exchange reserves.
The development comes as the Bank of Ghana continues to prioritise reserve accumulation as part of its foreign exchange management strategy.
Dr. Asiama has also indicated that GoldBod is expected to assume a greater role in the intermediation segment of the Bank’s evolving foreign exchange management framework.
The Bank is currently engaging GoldBod to finalise the new framework, with details expected to be communicated to the market once the arrangements are completed.
GoldBod plays a central role in Ghana’s gold value chain, particularly in the aggregation and export of gold, making its shipments an important source of foreign exchange inflows for the country.
As the Bank of Ghana pursues stronger reserve accumulation, the performance of gold exports has become increasingly relevant to the country’s external position.
The latest indication from the BoG Governor that GoldBod’s shipments have resumed at significant levels therefore provides an update on the contribution of gold exports to Ghana’s reserve-building efforts, while highlighting the exposure of these inflows to movements in international gold prices.
