Bank of Ghana’s Gold Reserves Rise to 31.01 Tonnes in March
The Bank of Ghana’s gold reserves have risen to 31.01 tonnes as of March 31, 2025, reflecting a continuation of the central bank’s strategic build-up aimed at strengthening the country’s foreign reserves and monetary stability framework.
The March figure represents an increase from the 30.81 tonnes recorded at the end of February 2025 and continues a sustained growth trajectory that has been observed over the past two years.
From a base of 8.78 tonnes in May 2023, the central bank’s gold holdings have more than tripled, signaling a significant strategic shift towards leveraging Ghana’s status as one of Africa’s leading gold producers.
The domestic gold purchase programme, launched by the Bank of Ghana, has been instrumental in the reserves accumulation. At the inception of the programme, the Bank noted that it intended to bolster foreign exchange reserves, foster investor confidence, enhance currency stability and create a more attractive environment for foreign direct investment and economic growth.
Additionally, the central bank highlighted that expanding gold holdings would enable it to leverage these assets to secure cheaper sources of financing, thus providing short-term foreign exchange liquidity.
The move forms part of broader efforts by the Bank to diversify Ghana’s reserve assets away from traditional instruments such as U.S. Treasury securities.
Market analysts view the strategy as a prudent response to tightening global financial conditions, suggesting that a stronger gold reserve position could bolster balance of payments resilience, cushion external shocks, and reinforce the credibility of monetary policy.
The continued accumulation of gold reserves also comes at a time when emerging markets are facing heightened volatility amid fluctuating commodity prices and rising global interest rates.
