BoG Assets Rise to GH¢321.4bn
The Bank of Ghana’s balance sheet expanded in March 2026, driven by a sharp rise in foreign asset holdings, increased gold reserves and stronger investments in foreign securities, according to the Bank’s latest Monthly Statistical Bulletin.
Total assets increased to GH¢321.38 billion in March 2026, up from GH¢310.58 billion in February, representing a month-on-month gain of GH¢10.8 billion, or 3.5 percent. On a year-on-year basis, total assets rose by GH¢7.98 billion from GH¢313.40 billion recorded in March 2025, reflecting annual growth of 2.6 percent.
The latest figures point to continued strengthening of the central bank’s balance sheet amid improved external sector conditions and ongoing reserve accumulation efforts.
Foreign Assets Drive Growth
The expansion was largely supported by a significant rebound in foreign assets, which rose to GH¢128.0 billion in March 2026 from GH¢109.48 billion in February an increase of GH¢18.52 billion, or nearly 17 percent within a single month.
Although the figure remains slightly below the GH¢129.73 billion recorded in March 2025, the sharp monthly recovery underscores a strengthening external asset position supported by improved foreign exchange inflows and macroeconomic stability.
The development comes at a time when Ghana has been building its external buffers through gold purchases, improved export earnings and tighter reserve management strategies.
Foreign Securities See Sharp Surge
The most notable growth within the foreign asset portfolio came from foreign securities holdings, which rose strongly over the period under review.
Foreign securities increased to GH¢81.56 billion in March 2026, up from GH¢65.98 billion in February and GH¢48.52 billion in January. This represents an expansion of more than GH¢33 billion within the first quarter of 2026 alone.
The trend reflects a strategic shift in reserve management, with the Bank of Ghana increasingly allocating resources to foreign-denominated financial instruments that offer liquidity, diversification and income benefits.
Gold Remains Key Buffer
Gold continues to play a central role in Ghana’s reserve management framework. Over the past two years, the Bank of Ghana has steadily expanded its gold holdings through domestic purchase programmes aimed at diversifying reserves and reducing reliance on traditional foreign currency assets.
This strategy has helped strengthen the central bank’s resilience against exchange rate volatility and external economic shocks, particularly during periods of global uncertainty.
Together, gold, foreign currency reserves and foreign securities now form a more diversified and robust asset base for the central bank.
Economic Implications
The expansion in the Bank of Ghana’s balance sheet comes against the backdrop of improving macroeconomic indicators following the country’s IMF-supported reform programme.
A stronger balance sheet enhances the central bank’s capacity to manage liquidity, support exchange rate stability and respond to external shocks. It also signals improved confidence in Ghana’s monetary and external sector position.
For investors and market watchers, the latest figures reinforce perceptions of strengthening economic fundamentals as Ghana continues to consolidate gains in inflation control, currency stability and reserve accumulation.
