The Bank of Ghana has announced a month-on-month recovery in Ghana’s gold reserves in April 2026, offering some relief to earlier concerns over depletion pressures, although holdings remain below levels recorded during the same period in 2025.

The development comes at a time of ongoing policy discussions with the International Monetary Fund (IMF), as Ghana completes its Extended Credit Facility (ECF) programme and transitions to the Policy Coordination Instrument (PCI), with continued focus on maintaining external stability while supporting growth and fiscal consolidation.

According to the central bank’s latest Summary of Macroeconomic and Financial Data, Ghana’s gold holdings stood at 22.3 tonnes as of April 2026, compared to 20.8 tonnes recorded in March 2026.

Despite the monthly improvement, the figure remains lower than the 31.4 tonnes recorded during the corresponding period in 2025, a decline that had earlier sparked concerns about possible pressures on the country’s external buffers and reserve adequacy.

The Bank of Ghana has previously indicated that its reserve management strategy is focused on diversifying the composition of external reserves to strengthen resilience and improve the quality of reserve buffers, rather than relying solely on accumulation volumes.

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Gold exports generated approximately $6.86 billion, maintaining the commodity’s position as Ghana’s leading foreign exchange earner and reinforcing the country’s standing among Africa’s top bullion exporters.

Total exports stood at $11.15 billion, significantly exceeding imports of $5.87 billion and resulting in a trade surplus of $5.28 billion.

The strong trade performance was driven by sustained contributions from gold, cocoa, and crude oil exports.

Meanwhile, gross international reserves eased slightly to $13.95 billion in April 2026, from $14.16 billion in March 2026. Net international reserves also moderated to $10.99 billion over the same period.

ANAS/AE

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