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Ghana earmarks $429 million to buy gold, shifting fiscal risks
By Moses Mozart Dzawu
Bloomberg News
Tuesday, July 28, 2026
Ghana has allocated 5 billion cedis ($429 million) to finance gold purchases that boost its foreign-exchange reserves after shifting the program from the central bank to the government, potentially increasing fiscal risks.
The government's revised 2026 budget made the allocation for bullion purchases to the Ghana Gold Board, after responsibility for financing the program was shifted from the Bank of Ghana.
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This opens the national budget to possible financial drain as the institution, which buys unrefined gold from small-scale miners in local currency, made trading losses last year.
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