Gold reserves surge to 36 tonnes in August
By Praisebell Rosemond Larbi
The Bank of Ghana (BoG) has disclosed that the country’s gold reserves climbed to 36.02 tonnes as of the end of August 2025, reflecting a sharp build-up under its domestic gold purchasing programme.
According to data released by the central bank, Ghana’s gold holdings have more than quadrupled in just over two years since the launch of the gold accumulation initiative in May 2023, when reserves stood at 8.78 tonnes.
The programme was introduced to strengthen the country’s external buffers, reduce reliance on foreign currency inflows and stabilise the cedi.
The latest figures also underscore strong momentum over the past year. In August 2024, Ghana’s reserves were 25.97 tonnes, meaning the stock has grown by more than 10 tonnes within twelve months.
This rapid pace of accumulation highlights the central bank’s determination to leverage gold as a strategic reserve asset.
The BoG explained that the growth in reserves has been achieved through sustained purchases from domestic gold producers, both large-scale and small-scale, under a framework designed to ensure transparent pricing and timely settlement.
Officials say the initiative not only boosts the country’s external position but also integrates Ghana’s mining sector more directly into national economic resilience strategies.
“The domestic gold purchasing programme has proven instrumental in diversifying our reserve assets and enhancing resilience against external shocks. It reduces pressure on foreign exchange markets and provides a natural hedge against volatility,” a central bank source noted.
Analysts point out that Ghana’s accumulation strategy aligns with a broader trend among emerging-market central banks, many of which have been expanding their gold holdings in response to global economic uncertainty and shifting currency dynamics.
For Ghana, the build-up supports ongoing efforts to stabilise the cedi, which has faced intermittent depreciation pressures due to tight foreign exchange liquidity and elevated corporate demand.
