Ghana’s Central Bank Bets on Gold

Advertisement – This article is distributed on behalf of Amex Exploration Inc. and Sierra Madre Gold and Silver Ltd., with whom SRC swiss resource capital AG maintains paid IR advisory agreements. Publisher: SRC swiss resource capital AG · Author: Ingrid Heinritzi · First published: May 26, 2026, 4:40 p.m. Zurich/Berlin

In 2022, Ghana launched a gold purchase program requiring 20 percent of annual production to be delivered to the central bank. As a result, the Ghanaian cedi stabilized and the economy recovered from a major crisis. Now, the Central Bank of Ghana wants 30 percent of the production from mining operators in the form of doré gold. This is because Ghana aims to increase its gold reserves to up to 147 tons by 2028. In 2025, mining companies delivered around ten tons of gold to the Central Bank. However, since production totaled about 100 tons, this amounted to only approximately ten percent.

The Bank of Ghana is by no means the only one betting on larger gold reserves. According to initial estimates from the World Gold Council, net purchases by central banks in the first quarter were encouragingly robust. Geo-economic uncertainties are expected to support gold demand in this sector over the long term. Last week, gold was the strongest precious metal, even though its price fell slightly.

The ongoing conflict with Iran continues to fuel fears that a prolonged blockade of the Strait of Hormuz will keep energy prices at elevated levels. Consequently, central banks are more likely to consider interest rate hikes than cuts. India also intends to use precious metals to prop up its currency. Consequently, the majority of its silver imports are now classified as “restricted goods,” including silver bars. This measure is intended to reduce imports. After all, approximately 80 percent of India’s silver demand is met through imports. Gold and silver are also attractive to investors.

Sierra Madre Gold and Silver (- https://www.commodity-tv.com/ondemand/companies/profil/sierra-madre-gold-silver-ltd/ -) successfully began production at its La Guitarra project (gold and silver) in Mexico early last year. In addition, the company has made a second silver mine acquisition in Mexico, which includes three fully permitted underground mines and a flotation plant. In the first quarter of 2026, more than 128,000 ounces of silver equivalent were sold, and first-quarter revenue reached a record high.

Amex Exploration (- https://www.commodity-tv.com/ondemand/companies/profil/amex-exploration-inc/ -) is among the notable young gold companies. The focus is on profitable gold projects in mining-friendly Quebec. The Perron gold project of Amex Exploration, in particular, hosts large and high-grade gold deposits. It is 100 percent owned by the company and stands out for its excellent infrastructure and a positive feasibility study. Ore processing is scheduled to begin in 2027. A private placement is currently set to inject fresh capital into the company.

Current company information and press releases from Amex Exploration (- https://www.resource-capital.ch/de/unternehmen/amex-exploration-inc/ -) and Sierra Madre Gold and Silver (- https://www.resource-capital.ch/de/unternehmen/sierra-madre-gold-and-silver-ltd/ -).

You can also find further information in our new Precious Metals Report at the following link: https://www.resource-capital.ch/de/reports/ansicht/edelmetall-report-2025-04/.

Sources: Sierra Madre Gold and Silver, Amex Exploration,

https://www.usfunds.com/resource/45-million-americans-hit-the-road-this-weekend-despite-4-50-gas/?mkt_tok=NDk3LVNLVi0yNjIAAAGh8MhTiGoCnc4dKr2Leel1k95Oh1r91OW6KXkRwla6HnTeOH5NIbwOUReNPC6SkdKw1uNSySZEFaEn14_l5BdvEHkIINXo2CQfISe2962Fxw#gold;

https://de.marketscreener.com/boerse-nachrichten/ghana-will-30-der-goldproduktion-von-minenbetreibern-zur-staerkung-der-reserven-aufkaufen-ce7f5adada8ff722;

https://www.gold.org/goldhub/research/gold-demand-trends/gold-demand-trends-q1-2026?utm_medium=email&utm_source=newsletter&utm_campaign=GOLDHUB%3A+Your+Weekly+Gold+Market+Round-up%2C+May+01%2C+2026;

https://www.resource-capital.ch/de/reports/ansicht/edelmetall-report-2025-04/.

Pursuant to Section 85 of the German Securities Trading Act (WpHG) in conjunction with Article 20 of the Market Abuse Regulation (MAR) (EU) 2016/958, we hereby note that authors, employees, and affiliated companies of Swiss Resource Capital AG (SRC) may hold positions (long/short) in the issuers discussed. Compensation/Relationship: IR contracts/advertorials: Author’s own positions: none; SRC net position: less than 0.5%; Issuer’s stake ≥ 5% in SRC: no. Update Policy: no obligation to update. No guarantee regarding the German translation. Only the English version of this news release is authoritative.

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