BoG to Rebalance Reserves Portfolio as Share of Gold Reserves Hits 42% of Total Portfolio
Governor of the Bank of Ghana (BoG), Dr Johnson Asiama, has revealed that gold now accounts for 42% of the Central Bank’s total reserve portfolio as of end-October 2025.
Speaking at the 127th Monetary Policy Committee (MPC) press briefing, Dr Asiama noted that while the accumulation of gold has strengthened the reserve position, the Bank is conscious of the growing concentration risk. He indicated that steps are being taken to rebalance the reserve portfolio in line with the Bank’s strategic asset allocation framework.
According to him, the Central Bank intends to gradually reduce its allocation to gold, with proceeds from the divestment reinvested into a diversified basket of income-generating assets. This, he explained, is aimed at enhancing portfolio resilience and optimizing long-term returns.
BoG’s Gold Reserves Hit 38 Tonnes, Up 35% Year-on-Year
Fresh data from the Bank of Ghana shows total gold reserves reaching 38.04 tonnes as of October 31, 2025, marking a major milestone in the Central Bank’s broader strategy to diversify reserve assets and reinforce the stability of the local currency.
The figure, published on November 5, 2025, represents a more than 35% jump from the 28.1 tonnes recorded in October 2024, reflecting continued momentum in the Bank’s gold accumulation efforts.
Central Bank records show that at end-December 2024, gold holdings stood at 30.53 tonnes. This implies an addition of approximately 7.51 tonnes between January and October 2025. Monthly increases in some periods exceeded 4%, demonstrating an accelerated pace of acquisition under the Bank’s gold purchase strategy.
The Bank attributes the growth to its Domestic Gold Purchase Programme (DGPP), introduced in June 2021. The initiative enables the Central Bank to purchase gold directly from local mining companies in cedis, with the objective of strengthening reserves while reducing reliance on the US dollar.
The BoG has repeatedly stated that the DGPP is part of a broader agenda to shield the economy from external shocks, manage exchange rate volatility more effectively, and hold a higher share of stable, less volatile reserve assets.
The combined disclosures – on both the scale of current holdings and plans to rebalance – signal a strategic recalibration of Ghana’s reserve management framework.
