The Bank of Ghana’s (BoG) gold holdings declined sharply by the end of 2025, marking one of the most significant shifts in the country’s reserve composition in recent years and prompting renewed debate about reserve management, liquidity needs and the evolving role of gold in Ghana’s macroeconomic stabilisation strategy.
According to BoG’s Summary of Economic and Financial Data as of December 2025, the central bank’s gold reserves stood at 18.6 metric tonnes at the close of the year.
This represents a steep fall from previous levels and a dramatic turnaround from the accumulation drive that characterised much of 2024 and early 2025.
In monetary terms, the BoG valued this gold stock at US$2.68 billion, underscoring the continued importance of bullion as a component of Ghana’s international reserves, even amid declining volumes.
What 18.6 tonnes really means
Gold reserves are typically measured in metric tonnes, but their financial significance becomes clearer when translated into ounces, the unit used in global bullion markets.
One metric tonne of gold is equivalent to 32,150.7 ounces.
On this basis, Ghana’s 18.6 metric tonnes translate into approximately 597,959 ounces of gold.
US$2.99bn market value using US$5,000 per ounce
Using current gold price of US$5,000 per ounce, the market value of this stock would be approximately US$2.99 billion, higher than the BoG’s book valuation of US$2.68 billion.
The difference could be a reflection of valuation methodologies, pricing dates and potential hedging considerations rather than a discrepancy in physical holdings.
Even at the lower official valuation, the figures confirm that gold remains one of the most valuable single components of Ghana’s external assets, providing a crucial buffer during periods of currency volatility and balance-of-payments stress.
The scale of the decline becomes clearer when compared with historical levels.
30.53 tonnes in 2024
At the end of December 2024, BoG held 30.53 metric tonnes of gold.
11.93 tonnes drop in 2025 to 18.6
By the end of December 2025, holdings had fallen to 18.6 tonnes, representing a reduction of 11.93 tonnes within a single year.
More striking still is the comparison with the peak recorded earlier in the year.
19.44 tonnes sold in 2 months
As of October 31, 2025, Ghana’s gold reserves had climbed to 38.04 metric tonnes, the highest level on record.
From that peak to the end of December, holdings fell by 19.44 tonnes, indicating substantial gold sales within a relatively short period.
This suggests that the central bank actively liquidated a significant portion of its bullion stock, likely to meet foreign exchange needs, support currency stability, rebalance reserves or take advantage of elevated global gold prices.
Gold as a strategic buffer in a volatile economy
BoG has consistently described gold accumulation as a deliberate strategy aimed at diversifying reserve holdings, reducing over-reliance on foreign currencies and strengthening confidence in the cedi during periods of forex volatility.
Gold, unlike foreign currency reserves, carries no default risk and is widely regarded as a hedge against inflation, currency depreciation and geopolitical shocks.
The sharp reduction in holdings therefore highlights the trade-offs faced by central banks in balancing long-term reserve security against short-term liquidity demands.
Ghana compared to other central banks gold buying
Ghana’s drawdown contrasts sharply with broader global trends. Data from the World Gold Council show that central banks worldwide remain aggressively bullish on gold, continuing a buying spree that began in earnest in 2022.
As of the end of the third quarter of 2025, total central bank gold accumulation for the year had reached 634 tonnes.
This follows a historic surge in demand over the previous three years. Between 2010 and 2021, central banks purchased an average of 473 tonnes annually.
That trend was shattered in 2022, when net purchases hit 1,136 tonnes, followed by 1,051 tonnes in 2023 and 1,045 tonnes in 2024.
These figures highlight a structural shift in reserve management, driven by heightened geopolitical tensions, sanctions risks and concerns over the dominance of the US dollar in global finance.
January 2025: Central banks buying more gold
World Gold Council data show that central banks began 2025 with continued enthusiasm for bullion, recording 18 tonnes of net purchases in January alone.
Emerging market central banks led the buying.
Uzbekistan topped the list with 8 tonnes, bringing its total holdings to 391 tonnes, equivalent to 82 per cent of its total reserves.
China’s central bank added 5 tonnes, lifting its holdings to 2,285 tonnes, or 6 per cent of total reserves, marking its third consecutive month of net purchases.
Kazakhstan added 4 tonnes, taking its gold reserves to 288 tonnes, representing 55 per cent of its total reserves.
Notably, Kazakhstan combined gold purchases with the sale of US dollars through “mirroring operations,” explicitly using gold as a tool to protect its economy from external shocks.
Other notable buyers included Poland and India, each adding 3 tonnes, alongside the Czech Republic (2 tonnes) and Qatar (1 tonne).
On the selling side, Russia and Jordan each sold 3 tonnes, while Kyrgyzstan sold 2 tonnes, underscoring that sales remain tactical rather than structural.
Ghana’s gold holdings in an African context
Within Africa, Ghana’s 18.6 tonnes places it behind several peers. Libya holds 146.65 tonnes, Egypt 128.82 tonnes, and South Africa 125.47 tonnes.
Nigeria, Africa’s largest economy, holds 21.44 tonnes, only slightly above Ghana, while Mauritius holds 12.42 tonnes.
These comparisons highlight that while Ghana is a major gold producer, its official reserves remain modest relative to both its production capacity and some regional peers.
Global leaders in gold reserves
Globally, the concentration of gold remains heavily skewed toward advanced and large emerging economies.
The United States leads with 8,133.46 tonnes, followed by Germany (3,350.25 tonnes), Italy (2,451.84 tonnes) and France (2,437 tonnes).
China, with 2,303.51 tonnes, and Russia, with 2,329.63 tonnes, reflect strategic accumulation over the past decade.
These figures underline the enduring role of gold as a strategic asset in global finance, even in an era dominated by digital transactions and fiat currencies.
Hedging gold: BoG’s strategy to manage price risk
Against this backdrop, BoG’s decision to explore hedging its gold reserves represents a significant evolution in reserve management.
In August 2025, Governor Johnson Asiama announced plans to hedge part of the central bank’s gold holdings to manage price volatility.
The strategy involves locking in future prices using derivatives such as futures or options, thereby protecting the value of reserves against sudden price declines.
The Governor indicated that the BoG would begin by hedging a fraction of the stockpile, scaling up to a maximum of one-third of total reserves, noting that hedging the entire stock would be prohibitively expensive.
Stability over speculation
Hedging offers several advantages. It protects the central bank from sharp price declines, enhances predictability in fiscal and monetary planning, and strengthens balance-sheet resilience during periods of uncertainty.
However, it also carries risks. If gold prices continue to surge beyond hedged levels, the BoG could forgo potential windfall gains.
Execution costs, market timing and technical complexity also pose challenges.
With gold prices at record highs and global uncertainty persisting, the BoG appears to be prioritising stability over speculative upside, reinforcing its broader commitment to cautious, risk-aware economic management.
A reserve strategy in transition
Taken together, the sharp reduction in gold holdings, the exploration of hedging mechanisms and the global surge in central bank gold demand point to a reserve strategy in transition.
Ghana is navigating the difficult balance between liquidity needs, price risk management and long-term reserve security.
While the drawdown raises questions, it also reflects an active, adaptive approach to reserve management in an increasingly volatile global environment — one in which gold remains both a shield and a strategic tool in the arsenal of central banks.
