The Bank of Ghana’s (BoG) total gold reserves reached 38.04 tonnes as of October 31, 2025. This was contained in market data released by the Central Bank on November 5, 2025.
The latest figure represents more than a 35% increase compared to the 28.1 tonnes recorded in October 2024, highlighting continued growth in Ghana’s official gold holdings.
Details of the BoG’s Reserve Position
According to the data, the Bank of Ghana’s total gold holdings stood at 30.53 tonnes in December 2024, meaning about 7.51 tonnes have been added between January and October this year.
A careful look at the data showed that in some cases, the amount of gold reserves added by the Bank of Ghana on a month-to-month basis went up by more than 4 per cent.
BoG’s gold purchase programme
The Bank of Ghana has attributed the steady growth in its gold reserves to its Domestic Gold Purchase Programme, launched in June 2021.
The initiative aims to strengthen Ghana’s reserve position by diversifying the Central Bank’s holdings through direct purchases of gold from local mining companies.
The move was also part of efforts to help reduce the Bank’s reliance on the US dollar, which is more vulnerable to global market volatilities and shocks compared to gold.
Under the programme, the Bank of Ghana buys gold from mining firms and pays them in Ghanaian Cedis.
The Central Bank had previously raised concerns about Ghana’s low gold reserves and stressed the need to improve the situation to strengthen the country’s external position.
Impact
The strong gold reserve position is expected to boost market confidence in the Ghana cedi, given its signalling effect and implications for the Central Bank’s ability to defend the local currency.
Some market analysts have in the past argued that Ghana’s relatively weak reserve position encouraged speculation against the cedi.
The current build-up, they say, strengthens the Bank of Ghana’s hand in maintaining currency stability and curbing speculative activities in the foreign exchange market.
