The Bank of Ghana (BoG) has strengthened its gold reserves with an additional 1.41 tonnes in July 2025, increasing its holdings from 32.99 tonnes in June to 34.40 tonnes by the end of the month.
This marks another milestone in the country’s renewed commitment to gold as a strategic reserve asset — a policy direction revived in 2021 through the launch of the Domestic Gold Purchase Programme (DGPP).
From the 1960s to today
Ghana’s history of using gold to back its reserves dates back to the early 1960s.
During the 1960–61 financial year, the government decided to boost gold’s share in the reserve mix, purchasing refined gold worth about $3.7 million to strengthen the cedi’s backing.
However, falling gold prices in the late 1960s and early 1970s shifted policy towards foreign currency and securities.
For decades, gold reserves stagnated until the DGPP reignited the strategy in 2021.
How the DGPP works
Under the DGPP, the BoG buys unrefined “dore” gold from licensed aggregators, with each batch assayed — tested for purity — by the Precious Minerals Marketing Company (PMMC). Using international pricing sources and the prevailing cedi–dollar exchange rate, the gold is valued and payment made within 48 hours.
The assayed gold is stored in BoG vaults and periodically refined to the London Bullion Market Association (LBMA) “good delivery” standard of 99.99% purity.
A second supply channel involves an agreement with the Ghana Chamber of Mines, under which the BoG purchases 20% of refined gold output from member companies, paying in cedis at market rates.
Tangible results since 2021
Since the DGPP began, the BoG has purchased 145.95 tonnes of gold. Out of this, 86.77 tonnes have been sold to raise foreign exchange, strengthening reserves and supporting the cedi.
Additionally, 27.63 tonnes have been used under the complementary Gold for Oil (G4O) initiative to import 1.95 million metric tonnes of petroleum products.
This has contributed to moderating fuel prices, easing inflationary pressures, and stabilising the exchange rate.
Gold holdings at record high
From just 8.74 tonnes in the early 1960s, Ghana’s physical gold reserves have now surged to 34.40 tonnes.
The BoG has positioned this growth as a critical pillar in its broader strategy to maintain economic stability, bolster reserves, and reduce reliance on foreign currency debt.
With the DGPP continuing to expand, officials say gold will remain a central feature of Ghana’s reserve management policy — not only as a store of value, but also as a tool for securing essential imports and protecting the local currency.
