Ghana’s gold holdings have surged to an all-time high of 32.99 tonnes as of June 2025, the Bank of Ghana (BoG’s) has revealed in its latest reserves report.
The sharp increase from 8.78 tonnes in May 2023 marks a significant strategic move by the central bank to build up the country’s monetary reserves amid persistent global economic uncertainty and shifting geopolitical dynamics.
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Reserves more than tripled in 2 years
The most substantial growth occurred in the latter half of 2023, when the country’s reserves jumped from 11.32 tonnes in July to 19.50 tonnes by December.
This upward trend continued throughout 2024, reaching 24.47 tonnes by mid-year, and accelerating further to 31.37 tonnes by May 2025.
The June 2025 figure of 32.99 tonnes cements Ghana’s position among a growing group of African economies leveraging gold as a hedge against currency volatility, external shocks, and rising global inflationary pressures.
Analysts applaud BoG’s strategic shift
Market analysts see the buildup as a deliberate central bank policy to shore up fiscal buffers, enhance investor confidence, and stabilize the Ghana cedi, which has faced depreciation pressures in recent years.
MPC meeting set to weigh impact of gold surge
The announcement comes just weeks ahead of the 125th regular meeting of the Monetary Policy Committee (MPC) of the Bank of Ghana, slated for July 21–23, 2025.
The Committee is expected to assess the implications of the gold reserve growth during its review of recent macroeconomic indicators and to announce updated policy directions at a post-meeting briefing.
Economists believe the gold stockpile could play a crucial role in influencing the MPC’s decisions on interest rates, inflation control, and exchange rate management.
A global trend toward monetary autonomy
Ghana’s aggressive gold accumulation is part of a broader global trend, with central banks in emerging and advanced economies increasing their gold holdings to guard against escalating geopolitical risks and financial market instability.
Observers say Ghana’s gold strategy represents a pivot toward long-term economic resilience and reduced dependence on foreign currency reserves, especially at a time when confidence in traditional fiat currencies is under pressure.
More policy insights expected this month
Further details on how the enhanced gold reserves fit into Ghana’s broader macroeconomic framework are expected during the upcoming MPC press briefing.
The central bank is likely to elaborate on how this reserve position will support foreign exchange stability, debt servicing, and external trade competitiveness going forward.
