BoG cautions Ghana on potential Gold market shock
26th March 2026
Ghana faces potential economic strain from volatile gold prices, with the Bank of Ghana warning that the country cannot withstand a second shock following recent oil-related market disruptions.
Speaking on Channel One TV’s The Point of View with Bernard Avle on Wednesday, March 25, Governor Dr. Johnson Asiama said recent fluctuations in gold prices reflect growing uncertainty in global markets.
“If you look at gold prices from last week, it appears we’re in a different world. Things are changing; not only are we facing shocks from oil, but we’re also likely to face a shock from gold,” he said.
Dr. Asiama noted that while gold prices fell sharply in 2025, it remains unclear whether the current trends are temporary. “The question is whether this is going to be a short-term phenomenon. We don’t know; we can only conjecture at this stage,” he explained.
He stressed the importance of stable gold prices for Ghana’s economy, given that gold accounts for a significant portion of the country’s export earnings. “Gold constitutes a majority of our export earnings currently, and we cannot afford to have a second shock coming from gold,” he warned.
Despite the risks, Dr. Asiama expressed hope that any downturn in gold prices would be brief, noting that higher prices could help offset the impact of oil-related shocks. “I’m hopeful that the gold phenomenon will be short-lived. If we have higher gold prices, it helps to counter the impact of the oil,” he said.
He also highlighted Ghana’s reserve position as a buffer against external shocks. “My comfort is that we were able to build adequate reserves in 2025. Almost six months of import cover should be able to carry us some distance,” he stated.
However, Dr. Asiama cautioned that a prolonged crisis in the Middle East could threaten the country’s economic gains. “Let’s just hope the crisis does not persist till the end of this year. Then it becomes challenging to preserve the gains achieved,” he added.