BoG’s gold reserves hit 31 tonnes from 8.78 in 2023

The Bank of Ghana (BoG) has recorded a significant increase in its gold reserves, reaching 31.01 tonnes as of March 31, 2025. This marks a consistent upward trajectory from 30.81 tonnes at the end of February 2025, and more dramatically, from 8.78 tonnes in May 2023.
The growth reflects a calculated and sustained build-up strategy by the central bank to strengthen Ghana’s foreign reserves and enhance its monetary policy framework.
This threefold increase in gold holdings over two years underscores Ghana’s deliberate policy shift, leveraging its natural endowment as one of Africa’s top gold producers.
The aim is not just to increase reserve volumes but to diversify away from traditional assets such as foreign currencies and government securities, particularly at a time when emerging economies face tightening global financial conditions.

Domestic gold purchase programme driving growth
At the heart of this accumulation is BoG’s Domestic Gold Purchase Programme, launched to allow the central bank to acquire gold from selected local aggregators and mining firms. The programme pays sellers in Ghanaian cedis at market-driven prices, helping retain value within the local economy while strengthening reserve holdings.
Under the process, dore gold acquired through the programme is assayed by the Precious Minerals Marketing Company (PMMC). Once approved, the value is calculated using an agreed pricing mechanism and the prevailing exchange rate.
Payment is made to the supplier within 48 hours.
The gold is then aggregated, refined to the international standard of 99.99% fineness at an LBMA-certified refinery, and stored in secure locations as part of the official reserves.
This model, BoG officials noted, enabled the Bank to not only accumulate reserves but also to use gold as a collateralizable asset for accessing low-cost financing in the global market.
The availability of gold-backed financing provides short-term foreign exchange liquidity, especially useful in times of volatility.

Reviving an old strategy
The strategy marks a revival of an earlier economic policy from the 1960-61 financial year, when Ghana’s economic managers made a bold decision to include gold in the cedi’s cover asset mix. At that time, refined gold worth $3.7 million was acquired overseas and added to the central bank’s reserves.
However, a global decline in gold prices during the 1960s led to a policy shift in favor of foreign currencies and securities.
Despite growth in foreign reserves to nearly $11 billion today, the gold component had remained stagnant for decades—hovering around 8.77 tonnes and accounting for just 6.14% of Gross International Reserves (GIR).
The current policy reverses that trend and reflects a longer-term vision that restores gold’s status as a cornerstone of Ghana’s monetary stability.
Economists and financial analysts have welcomed the central bank’s pivot toward gold, citing the metal’s traditional role as a safe-haven asset and a buffer against external shocks.
A stronger gold reserve position, they argue, boosts confidence in the country’s monetary policy and provides a more robust cushion for balance of payments management.
Moreover, as global economic uncertainties persist—ranging from geopolitical tensions to fluctuating commodity prices—having a diversified reserve base becomes a vital hedge.
In this context, gold offers Ghana a way to preserve value and reduce exposure to the vulnerabilities of fiat currency-dominated reserve portfolios.
The broader economic benefits of this strategy are not lost on policymakers.
By buying gold locally and paying in cedis, the programme stimulates the domestic mining sector and reduces reliance on hard currency for import-based reserves.
It also improves the attractiveness of Ghana as an investment destination by projecting stronger macroeconomic fundamentals
With proposals underway for even more modern gold processing and storage infrastructure, and an eye on leveraging reserves for development finance, the BoG appears committed to embedding gold more deeply into Ghana’s economic architecture.
The March 2025 milestone of 31.01 tonnes, therefore, is more than a numerical increase—it is a symbol of a broader strategic shift in how Ghana views its wealth, its economic stability, and its future.