Financial expert Joe Jackson has pointed out that although Ghana’s gold reserves have fallen recently, this change has not translated into a significant depreciation of the local currency (the Ghanaian cedi). According to Jackson, speaking on a TV3 business programme on February 2, 2026, the impact of changes in gold holdings on the exchange rate appears to be less direct than commonly thought.
He noted that despite fluctuations in gold reserves, the cedi has remained relatively stable against the U.S. dollar in early 2026, with only a modest shift in value. Jackson’s remarks suggest that broader economic and global factors may play a larger role in currency stability than changes in reserve composition.
The discussion around Ghana’s gold assets comes amid broader debates over reserve management and the cedi’s performance, with monetary policymakers emphasising that other elements — including international market conditions and overall reserve buffers — also influence currency trends.
