维拉辛哈博士同时提到正在出现的新贸易安排，包括印度与欧盟的协议，以及斯最近获得的进入英国市 场的免关税待遇。他表示，这些可能在短期内引发贸易转移和资金流动的波动。 在强调外汇收入的同时，维拉辛哈博士也承认外国投资在支持长期增长方面的作用。他表示，吸引大量 资金流入需要时间，并取决于斯主权信用评级的改善。在国内方面，维拉辛哈博士强调了积极趋势，包 括私人部门信贷扩张、本地股市活动增加以及投资者信心上升。斯在过去三年连续实现经常账户盈余， 中央银行预计今年也会有新的盈余，主要由更强劲的外汇收入推动。 斯里兰卡《每日镜报》1月30日报道，斯央行在2026年首次货币政策评审会上表示，外汇收入对斯宏观 经济稳定比外国投资更为关键。他指出，旅游业、劳工汇款和出口是该国主要外汇来源，并强调加强这 些领域对于维持外部部门稳定至关重要。他补充说："就我们而言，我们能够谈判达成稳定的20%关税 率，相比其他竞争国家更有优势。我认为这不会给斯带来任何贸易相关问题。"他还指出，一些竞争对 手经济体几乎每周都会调整关税。 ...

Group 1 - The Bank of Ghana is set to implement comprehensive reforms in its gold purchasing operations starting January 2026, aimed at improving efficiency, simplifying processes, and enhancing pricing and operational efficiency in the Domestic Gold Purchase Program (DGPP) [1] - The DGPP has become a strategic mechanism for Ghana to build international reserves and maintain currency stability, allowing the country to acquire significant foreign exchange without incurring additional debt [2] - The International Monetary Fund (IMF) has highlighted financial risks associated with the DGPP, estimating that losses from artisanal and small-scale gold trading could reach $214 million by September 2025, representing about 0.2% of Ghana's GDP [2] Group 2 - GoldBod, the main gold aggregation body, was established in March 2025 with a revolving fund of $279 million from the government to support the procurement of 3 tons of gold weekly, exceeding its export target of 100 tons for 2025 and generating over $10 billion in foreign exchange [3] - GoldBod reported over $8 billion in foreign exchange revenue from January to October 2025, nearly double the total of $4.61 billion for the entire year of 2024 [3] - The Bank of Ghana has stated that the reported losses are speculative and that audited financial statements will be released next year, following concerns raised by the IMF regarding the sustainability of the DGPP [3]

Core Insights - Zimbabwe's gold production reached 37.06 tons in the first ten months of 2025, nearing the annual target of 40 tons, with expectations to exceed it by year-end [1] - Small-scale miners contributed 27.7 tons, accounting for approximately 75% of total production, while large mining companies contributed 9.3 tons [1] - Government initiatives to formalize small miners and provide incentives have shown significant results [1] Gold Export Performance - Gold exports surged, with revenues reaching $1.93 billion in the first nine months of 2025, a 71% increase compared to $1.1 billion in the same period of 2024 [1] - The growth in exports is primarily attributed to high international gold prices, increased global demand for safe-haven assets, and a reduction in illegal outflows [1] - Exports continued to rise due to formal channels and high production levels, with June, August, and September showing year-on-year increases exceeding 100% [1] Economic Impact - The strong performance of the gold sector is expected to continue supporting Zimbabwe's foreign exchange earnings and economic growth [1]