The Bank of Ghana (BoG) says the sharp rebound in global gold prices is helping to strengthen the country’s external sector position, offering a crucial buffer amid global economic uncertainties.
In a statement after its 126th Monetary Policy Committee (MPC) meeting held from September 15–17, the central bank said current global conditions and heightened uncertainty have driven strong investor demand for gold, lifting prices.
As one of Africa’s top gold producers, Ghana stands to benefit from higher export earnings and improved foreign exchange inflows, which could bolster international reserves and support the stability of the cedi.
Spot gold climbed as high as $3,667.88 per ounce on September 18, up 0.22% from the previous day, according to market data. Prices have surged 10.57% over the past month and 41.77% over the past year, underpinned by expectations of U.S. monetary easing, ongoing geopolitical tensions, and strong central bank demand.
However, gold eased toward $3,630 per ounce on Thursday, extending losses from the previous session as the U.S. dollar strengthened following the Federal Reserve’s decision to cut interest rates by 25 basis points.
While the move was widely expected, Fed Chair Jerome Powell struck a cautious tone, describing the cut as a risk-management step amid signs of a softening labor market and signaling that future rate decisions would be taken on a meeting-by-meeting basis.
The governor noted that the rally in gold comes as global growth prospects show resilience, with the International Monetary Fund recently revising its 2025 growth forecast to 3.0% from 2.8%.
Still, it warned that geopolitical risks, high tariffs, and slowing global trade could weigh on growth in the near term.
