BoG reports rebound in Ghana’s gold reserves in April 2026
The Bank of Ghana (BoG) has reported a month-on-month increase in the country’s gold reserves in April 2026, signalling a partial recovery after earlier declines, although levels remain below those recorded in the same period in 2025.
The development comes amid ongoing policy engagement with the International Monetary Fund (IMF), as Ghana winds down its Extended Credit Facility (ECF) programme and transitions to a Policy Coordination Instrument (PCI), with continued emphasis on external stability, fiscal consolidation and growth support.
According to the central bank’s latest Summary of Macroeconomic and Financial Data, Ghana’s gold reserves rose to 22.3 tonnes in April 2026, up from 20.8 tonnes in March 2026.
However, the figure is still significantly lower than the 31.4 tonnes recorded in April 2025, a gap that had previously raised concerns about pressure on the country’s external buffers and reserve adequacy.
The Bank of Ghana has maintained that its reserve management approach prioritises diversification of reserve assets to strengthen resilience, rather than focusing solely on volume accumulation.
Gold exports continued to play a dominant role in foreign exchange earnings, generating about $6.86 billion and reinforcing Ghana’s position as one of Africa’s leading gold exporters.
Total merchandise exports stood at $11.15 billion, outweighing imports of $5.87 billion and resulting in a trade surplus of $5.28 billion.
The strong external position was supported by earnings from gold, cocoa and crude oil exports.
Meanwhile, gross international reserves declined slightly to $13.95 billion in April 2026, from $14.16 billion in March 2026. Net international reserves also eased to $10.99 billion over the same period.
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