Bank of Ghana’s Gold Reserves Hit 38 Tonnes, Up 35% Year-on-Year
The Bank of Ghana’s (BoG) total gold reserves have reached 38.04 tonnes as of October 31, 2025, marking a significant milestone in the Central Bank’s ongoing efforts to diversify its reserve assets and strengthen the local currency.
According to market data released by the Bank on November 5, 2025, the figure represents a more than 35% increase from the 28.1 tonnes recorded in October 2024, underscoring sustained growth in Ghana’s official gold holdings.
Data from the Central Bank indicates that total gold holdings stood at 30.53 tonnes at the end of December 2024, implying that approximately 7.51 tonnes have been added between January and October this year. Monthly additions, in some instances, rose by over 4 percent, reflecting an accelerated accumulation rate under the Bank’s gold acquisition strategy.
The BoG attributes the steady build-up to its Domestic Gold Purchase Programme (DGPP), launched in June 2021. The initiative aims to strengthen Ghana’s reserve position and reduce dependence on the US dollar by purchasing gold directly from local mining companies and paying them in Ghanaian cedis.
The Bank has consistently emphasized that the DGPP is part of broader efforts to insulate the economy from external shocks and mitigate exchange rate pressures by holding more stable and less volatile assets.
Analysts believe the strengthening of Ghana’s gold reserves sends a positive signal to the market and enhances confidence in the cedi. A stronger reserve position, they note, improves the Central Bank’s capacity to intervene effectively in the foreign exchange market and curbs speculative pressures against the local currency.
