Ghana’s gold reserves have seen a slight increase, reaching 19.2 tonnes as of February 2026, up from 18.6 tonnes in December 2025, as reported in the latest Summary of Economic and Financial Data published by the Bank of Ghana.
This increase indicates a modest recovery following a significant drop in late 2025, which sparked public discussions regarding the management of the nation’s reserve assets.
Data from the central bank reveals that gold reserves had been steadily increasing from 27.2 tonnes in September 2024 to a high of 37.1 tonnes in September 2025, demonstrating an aggressive accumulation strategy.
However, these holdings fell sharply to 18.6 tonnes by December 2025, marking nearly a 50 percent decrease from the peak.
This situation raised alarms about a possible depletion of Ghana’s gold reserves; nevertheless, the central bank has asserted that this adjustment is a result of a strategic rebalancing of the portfolio rather than a loss of national assets.
Governor Johnson Asiama clarified that gold had previously constituted over 40 percent of Ghana’s total international reserves, surpassing the standard benchmark of 20 to 25 percent typically seen in comparable economies.
To mitigate concentration risk and enhance reserve resilience, the Bank of Ghana has converted a portion of its gold holdings into foreign exchange assets.
According to the Governor, the proceeds from this conversion remain within the country’s international reserves and are being actively reinvested to foster reserve growth and enhance returns.
He stressed that this action signifies a change in the composition of reserves rather than a depletion of national wealth, emphasizing that effective reserve management necessitates periodic adjustments in response to market dynamics and risk exposure.
The central bank has stated that it will persist in monitoring developments within its reserve portfolio and will implement further adjustments in accordance with international best practices, as it seeks to balance stability, liquidity, and returns.
