Economist, Professor Patrick Asuming, tells the Bank of Ghana (BOG) and the government to keep building on the country’s reserves as gold prices remain high.
He cautioned the Central Bank and the government against assuming that the current high gold prices will remain this high indefinitely. Therefore, the managers of the country need to take advantage of the current situation.
Though the price of gold declined last week, Prof. Asuming is optimistic that the price of gold has not hit its peak yet. He believes that gold prices will remain high for a period.
“I don’t think what we’ve seen over the last week is enough trend for us to say that the gold has peaked and that the price is going to come down.”
Economist, Professor Patrick Asuming
He also acknowledged that the record high in gold prices will not remain so forever. For which reason he cautioned that the time for Ghana to build upon its reserves for a stronger external cushion in dire times is now. A strong reserve also keeps the currency stable, he added.
“We know that gold is not going to stay at this record high for the foreseeable future. At some point, the rally will stop. And I think that’s why it’s important that we take advantage by building reserves upon reserves upon reserves, so that when the hard times come, you have enough reserve to support the currency and keep it stable.”
Economist, Professor Patrick Asuming
Though Ghana’s current reserve amount is unprecedented, he urges the Central Bank and the government to keep adding to it. “Our reserves are historic high, but it doesn’t stop us from keeping more of the reserves,” he asserts.
Current Price of Gold
According to Bullion Rates, the gold market began the month of October with a US$ 3,865.63 per ounce gold trade. The gold price increased consistently through to October 16, when gold traded at US$ 4,315.74 per ounce. Since October 20, which recorded the highest price for the month at US$ 4,356.54 per ounce, the gold market appears to be on a downturn. The price of gold in the gold market yesterday has further declined to US$ 3,930.35 per ounce.
After gold saw a rebound on October 23, which gave investors some optimism, that hope was short-lived. Though the price of the precious metal seems to be on a decline, it remained elevated compared to recent past years.
For a commodity that has enjoyed a high price for most of 2025, investors find themselves on the fence, unable to tell if gold price will pick up or that it is on its way back to previous years’ level.
GoldBod Impact
Ghana’s economic fortunes have improved, as the Bank of Ghana increases the country’s gold reserves to support the Ghana Cedi in regaining its strength.
According to the GoldBod, “Ghana’s central bank gold reserves climbed to 37.06 tonnes by the end of September 2025, driven largely by the new Ghana Gold Board (GoldBod) and its domestic procurement strategy.”
This shows a “21.3% increase from 30.53 tonnes in January, signaling a bold push to recast gold as more than a mining export: a strategic reserve buffer.”
Established in early 2025 under Act 1140, the GoldBod aims to centralize Ghana’s gold trade, especially from the artisanal and small-scale mining (ASM) sector. Its mandate is to “buy, assay, grade, export, license, and enforce traceability.”
The GoldBod’s Domestic Gold Purchase Program is to facilitate gold acquisitions, while aligning national production to reserve buildup.
“We are dedicated to transforming Ghana’s gold trading industry to maximize national benefits through responsible sourcing, supply chain traceability, value addition, and sustainability.”
Sammy Gyamfi ESQ., GoldBod CEO
Other Economists and analysts also urge the stakeholders in Ghana’s reserve management to leverage the current favorable prices of gold and further build stronger foreign reserve buffers. The data show that Ghana’s external position has seen much improvement. Analysts, however, think the country can add more to its reserve buffers.
According to the Governor of the Bank of Ghana, Ghana’s gross international reserves stood at US$ 10.7 billion in August 2025, “providing a robust cushion against external volatility and restoring investor confidence.”
Some economists are of the view that while Ghana’s current reserve is laudable, continuous buildup is vital to sustaining the stability of the currency in the face of global market uncertainties.
Some analysts also advise since the price of gold will not remain high forever, a portion of the reserves should be saved in the dollar currency. Their given reason is that when gold prices decline, the dollar currency reserves will ensure the continuous stability of the Ghana Cedi. According to analysts, there is a negative relationship between the price of gold and the dollar. The dollar appears weak whenever gold prices increase. When the dollar picks up its value, the price of gold falls.
Therefore, analysts and economists alike are calling for a buildup on Ghana’s reserves. Analysts, further advise that a significant part of the reserves be stored in the US dollar.
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