The Bank of Ghana’s (BoG) total gold reserves reached 31.37 tonnes at the end of April 2025, marking a significant rise in the country’s gold holdings.
According to market data released by the BoG on May 5, 2025, this figure represents more than a 200% increase compared to December 2022, when the reserves stood far lower.
As of March 31, 2023, the BoG’s total gold holdings were 8.78 tonnes.
Since then, the central bank has steadily built up its reserves, reaching a peak of 31.37 tonnes in April 2025.
The data also revealed that, at various points, month-on-month increases exceeded 20%, reflecting an aggressive accumulation strategy under the bank’s gold purchase programme.
However, since the beginning of 2025, the pace of reserve growth has slowed, indicating a more measured approach in recent months.
The surge in reserves underscores the BoG’s continued effort to diversify Ghana’s international reserves and reduce dependence on foreign currencies.
The BoG has attributed the strong growth in its gold reserves over the years to the Domestic Gold Purchase programme, which was launched in June 2021.
The move was part of measures to increase Ghana’s reserves by diversifying the central bank’s holdings with the purchase of gold from mining firms in the country.
It also helped the BoG to reduce global shocks and volatilities associated with the dollar, but immune to gold reserves.
Per the arrangement, the BoG buys gold from the mining companies and pays them back in Ghana cedis.
The central bank had earlier raised concerns about Ghana’s low gold reserves, calling for new measures to improve the situation going forward.
Governor of the Bank of Ghana, Dr. Johnson Asiama, reaffirmed the central bank’s commitment to safeguarding the country’s international reserves as part of broader efforts to stabilise the local currency.
In a recent interview, Dr. Asiama emphasised that the Bank’s strategy to build and preserve its gold and foreign exchange reserves is expected to play a key role in reinforcing the cedi’s stability.
“This move will go a long way in firmly stabilizing the cedi,” he stated.
Analysts believe the cedi stands to benefit significantly from the BoG’s stronger reserve position, particularly the sharp rise in gold holdings, which now serve as a crucial buffer against external shocks.
The development sends a positive signal to the market and reassures investors of the Bank’s capacity to defend the local currency when necessary.
In the past, concerns over Ghana’s weak gold reserves raised doubts about the central bank’s ability to support the cedi, creating fertile ground for speculative activity.
Market observers note that the improved reserve position could now help curb such pressures and restore confidence.