As of March 31, 2025, the Bank of Ghana’s gold reserves have increased to 31.01 tonnes, reflecting a consistent strategy to enhance the nation’s foreign reserves and monetary stability framework.
This represents a significant rise from the 30.81 tonnes recorded at the end of February 2025, continuing a trend of sustained growth observed over the past two years.
Since May 2023, when the reserves stood at 8.78 tonnes, the central bank’s gold holdings have more than tripled, highlighting a strategic shift towards capitalizing on Ghana’s status as a leading gold producer.
The domestic gold purchase program is considered instrumental in this accumulation, with the Central Bank indicating at the program’s inception that it would facilitate the growth of foreign exchange reserves, bolster confidence, improve currency stability, and create a more favorable environment for foreign direct investment and economic development.
The program, as noted, will allow the Bank to utilize its gold reserves to secure more affordable financing options for short-term foreign exchange liquidity.
This accumulation is part of wider initiatives aimed at diversifying reserve assets beyond conventional instruments.
Analysts observe that a robust gold reserve can enhance balance of payments stability, mitigate external shocks, and strengthen the credibility of monetary policy, particularly as emerging markets contend with increasingly stringent global financial conditions.
