Ghana has allocated about $429 million from its 2026 budget to purchase gold, aiming to strengthen its foreign-exchange reserves amid a global trend of central banks stockpiling the metal. This move channels funds through the Ghana Gold Board (GoldBod), created in 2025 to buy unrefined gold from small miners, taking over responsibilities from the Bank of Ghana following IMF concerns about fiscal-monetary overlap.
The numbers reveal Ghana’s rapid gold surge: exports jumped from $10.3 billion in 2024 to $21 billion in 2025. By February 2026, reserves peaked at $14.5 billion, credited largely to this gold-buying strategy, though they slipped back to $12.9 billion by June. The government’s broader plan, the Ghana Accelerated National Reserve Accumulation Policy, aims for a 15-month import cover by 2028, relying heavily on aggressive gold accumulation.
Policy Changes and Crypto Ambitions
Starting July 1, 2026, large-scale miners must sell 30% of their production to GoldBod at a slight discount to the central bank’s reference price. This adjustment responds to IMF demands for clear distinctions between budget spending and monetary policy, helping Ghana reduce inflation to 5.3% by mid-2026.
Since legalizing crypto trading in late 2025, Ghana is also exploring gold-backed stablecoins. This step could integrate digital assets with the country’s bullion reserves, blending traditional and modern financial tools.
