Ghana has temporarily halted gold exports as part of a calculated strategy to maximise long-term value from the country’s most important mineral resource, according to Sammy Gyamfi, Chief Executive Officer of the Ghana Gold Board.
Speaking on JoyNews, Mr. Gyamfi explained that the decision is not due to supply problems or geopolitical tensions, but a deliberate move to hold onto gold while market conditions are considered unfavourable.
“This is not a good time to sell gold. This is a good time to stock gold,” he said, describing the pause as a trading decision based on market timing rather than necessity.
According to him, Ghana currently has sufficient foreign exchange reserves, meaning there is no urgent pressure to sell gold to raise dollars. He noted that the Bank of Ghana is not facing liquidity challenges, allowing the country to wait for stronger prices before exporting again.
The move comes as global gold prices have softened after a strong rally earlier in the year. However, Mr. Gyamfi remains confident the downturn will be short-lived.
He attributed the recent decline to rising interest rates in the United States and a shift by investors toward dollar-denominated assets, which typically reduces demand for gold. Even so, he stressed that current prices remain historically high compared to previous years.
“Even at $4,500 an ounce, that is still a lot of money,” he said, pointing out that the average price in 2024 was about $2,420 per ounce.
Mr. Gyamfi also dismissed suggestions that the export pause is linked to logistical difficulties in the Middle East. Although shipments to buyers in Dubai may be temporarily affected, he said Ghana has the flexibility to export to other markets, including India and beyond.
Instead of rushing sales, the Gold Board is prioritising stockpiling, betting that prices will rebound soon and yield greater returns for the country.
