The gold reserves of the Bank of Ghana (BoG) have risen to 32.16 tonnes as of May 30, 2025, a dramatic rise from just 8.78 tonnes in May 2023.
Between April and May 2025, the Central Bank added 0.59 tonnes of gold to the reserve
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Steady accumulation reflects strategic policy shift
Though the month-on-month addition of 0.59 tonnes to the BoG gold reserves may appear modest, the Bank described it as a deliberate and steady build-up aligned with its long-term vision of diversifying reserve assets, strengthening the central bank’s balance sheet, and reinforcing Ghana’s economic foundations.
The expansion is part of a broader strategy by the central bank and the Government of Ghana to bolster financial resilience and insulate the economy from mounting global economic uncertainties, including currency volatility, interest rate fluctuations, and geopolitical instability.
The BoG’s latest report noted that this accumulation underscores its unwavering commitment to enhancing macroeconomic stability and self-reliance, especially in an increasingly unpredictable global economic environment.
The central bank’s gold accumulation drive has gained new momentum since the establishment of the Gold Board, which has helped formalise and scale up Ghana’s gold trade, particularly through sourcing from artisanal and small-scale miners.
GH₵40bn in gold exports from small-scale miners
Speaking on the matter, Finance Minister Dr Cassiel Ato Forson revealed that the Gold Board had facilitated the export of GH₵40 billion worth of gold from artisanal small-scale miners — a significant milestone that reflects the country’s ability to harness its domestic gold production for strategic national purposes.
This move supports multiple national objectives: boosting foreign exchange reserves, reducing dependence on external debt, supporting the local mining sector, and positioning Ghana as a key player in Africa’s evolving gold economy.
Global central banks turn to gold amid uncertainty
Ghana’s approach mirrors a broader global trend in which central banks are increasingly turning to gold as a strategic reserve asset.
As of mid-2025, central banks collectively hold over 35,000 metric tonnes of gold — accounting for about one-fifth of all gold ever mined, as they seek to hedge against risks associated with fiat currencies and financial market instability.
The accumulation of gold by central banks is widely seen as a response to geopolitical tensions, the erosion of confidence in major reserve currencies like the U.S. dollar, and a hedge against inflation and interest rate volatility.
Gold as a new pillar of economic sovereignty
The implications of the BoG’s growing gold reserves are profound. At a time when Ghana continues to grapple with debt restructuring, cedi depreciation pressures, and rising import costs, gold offers a stable, non-fiat asset that strengthens the Bank’s position and improves its credibility in global financial markets.
Moreover, the ability to accumulate gold locally—rather than relying entirely on foreign reserves or credit lines—provides the country with a powerful buffer that reduces vulnerability to external shocks and preserves financial sovereignty.
The growing reserves could also strengthen the Bank’s ability to intervene in foreign exchange markets without rapidly depleting dollar holdings, thereby protecting the cedi from sudden volatility.
However, experts caution that the sustainability of this gold accumulation drive depends heavily on maintaining transparency, regulatory oversight of the artisanal mining sector, and ensuring that gold exports are properly tracked and monetised for national benefit.
With its gold reserves now quadrupled in just two years, Ghana is firmly aligning with a global central banking trend that views gold not merely as a store of value, but as a strategic shield against systemic risk.
As global economic uncertainty persists, the BoG’s gold accumulation strategy may prove pivotal in stabilising the economy, supporting the cedi, and reinforcing Ghana’s long-term financial independence.
