The allocation flows through the Ghana Gold Board, known as GoldBod, a government entity established in 2025 as the sole authorized buyer of unrefined gold from artisanal and small-scale miners. Ghana’s gold exports more than doubled, climbing from $10.3 billion in 2024 to $21 billion in 2025. Ghana’s foreign-exchange reserves hit a record $14.5 billion in February 2026, a milestone the government directly attributes to its gold-buying program. The IMF factorThe shift of gold purchase financing from the Bank of Ghana to the government budget is a direct response to IMF pressure. Ghana’s reserves dipped from $14.5 billion to $12.9 billion in just four months, suggesting the reserve position is volatile even with active gold accumulation.