The Bank of Ghana’s gold reserves climbed to a total of 31.01 tonnes as of March 31, 2025. This increase reflects a steady build-up strategy aimed at strengthening the country’s foreign reserves and enhancing its monetary stability framework.
This marks a notable rise from the 30.81 tonnes recorded at the end of February 2025, continuing a sustained growth trend observed over the past two years. Starting from just 8.78 tonnes in May 2023, the central bank’s gold holdings have more than tripled, underscoring a strategic pivot toward leveraging Ghana’s position as a major gold producer.
The domestic gold purchase programme has played a key role in this build-up. At the time of the programme’s launch, the Central Bank noted that it would pave the way to grow foreign exchange reserves, foster confidence, enhance currency stability, and create a more attractive environment for foreign direct investments and economic growth.
Additionally, the programme enables the Bank to leverage its gold holdings to access cheaper sources of financing, providing short-term foreign exchange liquidity. This accumulation is part of broader efforts to diversify reserve assets away from traditional instruments.
Analysts highlight that a stronger gold reserve position can improve balance of payments resilience, cushion against external shocks, and reinforce monetary policy credibility, especially as emerging markets face tightening global financial conditions.
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