Ghana has allocated 5 billion cedis, approximately $429 million, from its revised 2026 budget specifically to purchase gold to bolster its foreign-exchange reserves. The purchases are conducted through the Ghana Gold Board, a government entity that became the sole authorized buyer of unrefined gold from artisanal and small-scale miners. The country’s foreign-exchange reserves hit a record $14.5 billion in February 2026, before retreating to $12.9 billion by June. The government targets 15 months of import cover by the end of 2028, primarily through aggressive gold acquisition. This shift of gold purchase financing from the central bank to the government budget responds to International Monetary Fund pressure for a clearer separation between fiscal and monetary policy.
Source: Read the original article
