Economist and political risk analyst Theo Acheampong has urged Ghana to take advantage of record-high gold prices to strengthen its foreign exchange reserves and reinforce macroeconomic stability.
Speaking on PM Express on Joy News, Dr Acheampong argued that the current rally in global gold prices presents a strategic opportunity for the country to “build a war chest” that can cushion the economy against future shocks.
Dr Acheampong, who serves as a Technical Advisor at the Ministry of Finance, noted that gold prices are hovering around historic highs and are projected by major financial institutions to remain strong in the near term. According to him, Ghana must move decisively to leverage this favorable external environment.
“We are experiencing a tailwind from gold prices that may persist over the next two to three years. This is the time to take advantage of it,” he said.
Strengthening the Cedi and the Economy
He explained that building reserves should not be viewed as an isolated policy goal but as part of a broader economic strategy. A stronger reserve position, he said, would enhance the country’s ability to stabilize the cedi, reduce vulnerability to external shocks, and create a more predictable environment for investment and job creation.
Dr Acheampong referenced analytical work indicating a positive correlation between Ghana’s gold export earnings and its gross international reserves, suggesting that increased gold inflows directly improve the country’s external buffer.
By deliberately channeling more gold proceeds into reserves, policymakers can strengthen the hand of the Bank of Ghana in managing currency volatility and maintaining financial stability, he added.
A Strategic Opportunity
Ghana, one of Africa’s leading gold producers, has in recent years explored mechanisms to better harness gold exports to support reserve accumulation. Dr Acheampong believes the current global price environment makes the case even more compelling.
“This is about building resilience,” he said, stressing that a well-capitalized reserve position would provide insurance against global market disruptions and safeguard economic gains.
With gold prices offering a rare window of opportunity, he urged authorities to act swiftly to transform the windfall into a lasting buffer for the economy.