[Ghana Government Allocates Approximately $429 Million to Purchase Gold, Central Bank's 'Quasi-Fiscal Functions' Shifted Back to Budget] According to Bloomberg, Ghana has allocated 5 billion cedis (approximately $429 million) in its revised 2026 budget to the Ghana Gold Board for purchasing gold from small-scale miners to boost foreign exchange reserves. This project was previously pre-financed by Ghana's central bank but was shifted to fiscal responsibility after being questioned by the IMF for its 'quasi-fiscal' nature. Following Ghana Gold Board's monopoly on small-scale gold exports, Ghana's gold export revenue increased from $10.3 billion in 2024 to $21 billion in 2025. This initiative also enabled the government to purchase gold in local currency and sell gold abroad for foreign exchange, driving foreign reserves up to $14.5 billion in February this year. Additionally, the cedi appreciated by approximately 41% in 2025, while inflation fell from 23.8% at the end of 2024 to 5.3% in June this year.