Ghana Allocates $429 Million for Gold Purchases in Revised 2026 Budget on July 28

According to Bloomberg, Ghana's government allocated 500 billion cedis (approximately $429 million) in its revised 2026 budget on July 28 to purchase gold from small-scale miners through Ghana Gold Board. The project was previously financed by the central bank but shifted to fiscal control following IMF concerns over its quasi-fiscal nature.

Since Ghana Gold Board gained control of small-scale gold exports, the country's annual gold exports more than doubled from $10.3 billion in 2024 to $21 billion in 2025. The policy helped boost official foreign reserves to $14.5 billion as of February 2026, while the cedis appreciated approximately 41 percent in 2025 and inflation declined to 5.3 percent in June from 23.8 percent at the end of 2024.