GoldBod ships significant amount of gold as Bank of Ghana builds reserves
Governor Johnson Asiama says new shipment data has improved the outlook for Ghana’s reserve accumulation, though future gains remain exposed to changes in gold prices.
The Ghana Gold Board exported a significant amount of gold last week, providing fresh support for the country’s international reserves, Bank of Ghana Governor Dr Johnson Asiama has said.
The shipment follows several months in which GoldBod exports were less regular than in the previous two quarters. Dr Asiama said exports had not stopped completely.
Speaking at a press briefing after the 132nd Monetary Policy Committee meeting, he said newly received data had changed the Bank’s assessment of recent shipments.
“The story has changed between yesterday morning and right now this morning, based on the new data that just came in,” he said.
Dr Asiama did not give the quantity or value of the latest shipment in the material provided. Without those figures, its precise contribution to the reserves cannot be assessed.
The Bank estimates Ghana’s gross international reserves at about 4.5 months of import cover, above the three-month benchmark. It is seeking to build its external buffers through the Ghana Accelerated Reserve Accumulation Program, known as GANRAP.
The governor identified international gold prices as a key risk to that effort. He said prices could be affected by decisions in major economies, including changes to US interest rates.
“When the US increases its policy rate, you notice what happens these days. Gold prices tend to be depressed,” he said.
Dr Asiama said the Bank remained on course to meet its medium-term reserve objective. He added that the strategy would draw on other export earnings, including non-traditional exports, alongside gold.
The Monetary Policy Committee kept its policy rate at 14% for a third consecutive meeting.