Ghana to buy $429 million worth of gold
According to the revised 2026 budget, the Ghanaian government has allocated 5 billion sedi (about 429 million dollars) for the purchase of gold, aimed at increasing its foreign exchange reserves.
By the end of June, Ghana's foreign exchange reserves dropped to $12.9 billion (from a record $14.5 billion in February), as they were spent to support the national currency, the cedi.
Funds to replenish the gold reserve will flow through the Ghana Gold Board (Goldbod), which was established in 2025 as the only body authorized to purchase gold from artisanal and small-scale mines for export to curb metal smuggling.
Ghana is the leader in gold mining in Africa. In 2025, gold exports more than doubled to $21 billion from $10.3 billion a year earlier.
BLOOMBERG
