BoG Reports 7.42 Tonnes increase in Gold Reserve for 2025
By Praisebell Rosemond Larbi
The Bank of Ghana (BoG) has reported a significant increase in the country’s gold reserves, adding 7.42 tonnes of the precious metal between January and October 2025. The accumulation, driven by the Central Bank’s Domestic Gold Purchase Program (DGPP), underscores ongoing efforts to strengthen Ghana’s reserve buffers and reduce exposure to external shocks.
According to data released by the Bank, Ghana’s total gold holdings rose from 30.62 tonnes at the beginning of the year to 38.04 tonnes as of October 31, 2025. The steady month-on-month increase reflects the success of BoG’s long-term reserve diversification strategy, which aims to balance its traditional foreign currency holdings with tangible mineral assets.
In a statement, the Central Bank said the move forms part of its broader policy to enhance reserve adequacy and stability, ensuring that Ghana can better withstand global commodity price swings, foreign exchange volatility, and external financing pressures.
“The Domestic Gold Purchase Program has proven instrumental in diversifying Ghana’s reserve portfolio while supporting the broader objective of economic resilience,” the statement noted.
Enhancing Stability through Gold
Since its inception in 2021, the DGPP has enabled the BoG to source gold locally from licensed mining firms and community-scale producers, converting the commodity into an additional form of reserve asset. The policy has also reduced the Bank’s reliance on foreign exchange markets for reserve accumulation, helping stabilise the cedi and improve the country’s external position.
Economists say the Bank’s increased gold holdings provide a crucial hedge against inflation and currency depreciation, given gold’s historical role as a safe-haven asset. They argue that the accumulation strategy positions Ghana more favourably amid ongoing global uncertainties and fluctuating commodity prices.
The International Monetary Fund (IMF) has, in recent reviews, commended Ghana’s efforts to strengthen its reserve base, noting that such initiatives are consistent with sound macroeconomic management and support the country’s post-restructuring recovery framework.
Diversification and Confidence Building
Analysts believe the BoG’s continued focus on gold accumulation also sends a strong signal to investors about the resilience of Ghana’s monetary policy. “In an era of global market volatility, diversifying reserves into gold enhances confidence in the local currency and provides a tangible cushion against potential liquidity constraints,” a senior financial analyst remarked.
As of October 2025, gold accounted for a growing share of Ghana’s total reserve assets, complementing the country’s foreign exchange and Special Drawing Rights (SDR) holdings. The BoG’s data also showed that the domestic sourcing of gold has helped retain more value within the economy by supporting the local mining ecosystem and promoting value addition in the sector.
Sustaining Momentum
The Central Bank has reiterated its commitment to scaling up the program in 2026 and beyond, with plans to deepen collaboration with licensed gold exporters, refineries, and small-scale miners to ensure sustainable sourcing practices.
The Bank believes that by expanding its gold reserves, it not only builds resilience but also contributes to the broader goal of macroeconomic stability under Ghana’s inflation-targeting and flexible exchange rate framework.
The BoG’s progress, analysts say, reflects a proactive approach to reserve management, balancing flexibility with stability, while reinforcing investor confidence in Ghana’s financial system.
