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The Ghanaian government allocated about $429 million to buy gold, as the central bank’s “quasi-fiscal functions” were transferred back into the budget.

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PANews July 28, according to Bloomberg, Ghana has allocated 50 billion cedis (about $429 million) to the Ghana Gold Board in its revised 2026 budget to purchase gold from small-scale miners and increase foreign-exchange reserves. The project had previously been pre-financed by the Bank of Ghana, but was shifted to the Treasury after the IMF questioned it for having a “quasi-fiscal” nature. After the Ghana Gold Board monopolized the export of gold from small miners, Ghana’s gold export revenue rose from $10.3 billion in 2024 to $21.0 billion in 2025, and helped officials buy gold in the local currency and sell gold abroad to convert it into foreign exchange. This drove foreign-exchange reserves to rise to $14.5 billion in February this year, while the cedi appreciated by about 41% in 2025, and inflation fell from 23.8% at the end of 2024 to 5.3% in June this year. To hedge budget risks, the government also cut capital expenditures from 57.5 billion cedis to 52.5 billion cedis.
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