The LBMA afternoon gold price has averaged US$4,003.51 an ounce so far in November (GHS 46,801 at the Bank of Ghana's 13 November mid-rate of 11.6900). That is US$550.57, or 12.1%, below the US$4,554.08 average the 2027 Budget Statement reports for the first nine months of 2026.
The Budget publishes no gold price assumption for the rest of 2026, and none for 2027.
Gold exports earned Ghana US$19.8 billion in the first nine months of 2026, from 4.56 million fine ounces, and accounted for 69.9% of export receipts, the same statement says. Favourable prices, it argues, "provide an opportunity to strengthen Ghana's gold export earnings, enhance foreign exchange inflows, and support international reserve accumulation."
The November average is 6.2% below the Budget's third-quarter figure of US$4,268, from the World Bank's 2 October Pink Sheet, and 7.3% below the September average of US$4,319 cited in the 2027 Budget (para 127). It is still 16.3% above the 2025 average of US$3,442.
LBMA Gold Price PM, US$ per troy ounce, 2–13 November 2026 (10 trading days; no fix on the 7–8 November weekend). The Budget publishes no 2027 gold price.
November 2026
Source: LBMA Gold Price PM via GoldSilver London Fix table, cross-checked with the Ghana Gold Board on 12–13 November; Ministry of Finance, 2027 Budget Statement, paras 126–127 and Table 3 (quarterly figures from the World Bank Pink Sheet, 2 October 2026), 771, 777 and Appendix 13A.
The series is the LBMA Gold Price PM, the 15:00 London auction, for all ten trading days from 2 to 13 November. Friday's print was US$3,890.85, as published by the Ghana Gold Board; the month's high was US$4,117.00 on 9 November and the low US$3,870.20 on 12 November.
The earlier November prints come from GoldSilver's London Fix table, which attributes the series to the LBMA and matches GoldBod's 12 and 13 November figures exactly.
The catch is that, unlike oil, gold has no 2027 benchmark in the Budget. For crude, the ministry recommends an alternative 2027 price of US$74.93 a barrel. For gold, paragraph 1031 says only that "Government has adopted prudent commodity-price assumptions for this budget."
No figure appears in the macro tables, the medium-term fiscal framework, the mineral-royalty projections or the appendices. Appendix 13A's US$4,344.9 a fine ounce is Ghana's realised export unit price for January–September 2026, not a market average and not a price assumption for 2026 or 2027. The clearest published market reference remains the January–September average of US$4,554.08.
At the same 4.56 million ounces, a US$550.57 gap would be worth about US$2.51 billion (GHS 29.35 billion). Friday's afternoon print, US$663.23 below the January–September average, would be worth about US$3.02 billion (GHS 35.35 billion).
Both figures are illustrative arithmetic at constant volume, not a forecast. Export volumes can change, and Ghana's realised unit price to September was already US$4,344.9 an ounce, below the market average the Budget reports, so the dollars actually earned would not move one-for-one with the London fix.
Sources
- Ministry of Finance, 2027 Budget Statement, paras 126–127, Table 3, paras 771, 777, 1007–1010, 1028 and 1031, Appendix 13A Table 1, 12 Nov 2026
- GoldSilver, London Fix historical table for 2026, fetched 14 Nov 2026
- Ghana Gold Board, Approved Purchase Price panel, 13 Nov 2026 (re-read 14 Nov 2026)
- Bank of Ghana, Daily Interbank FX Rates, 13 Nov 2026