BoG’s Gold Reserves Rise to 32.99 Tonnes in June as Strategic Accumulation Continues
The Bank of Ghana’s (BoG) gold reserves have climbed to 32.99 tonnes as of June 30, 2025, underscoring the central bank’s sustained strategic push to fortify the nation’s foreign reserves and monetary stability framework.
The latest figure marks an increase from the 32.16 tonnes recorded at the end of May 2025, continuing a growth trajectory that has seen Ghana’s gold reserves more than triple over the past two years.
From a modest base of 8.78 tonnes in May 2023, the BoG has significantly scaled up its gold holdings, an approach market watchers describe as a calculated shift aimed at leveraging Ghana’s position as one of Africa’s leading gold producers.
The central bank’s reserves accumulation has been largely driven by its Domestic Gold Purchase Programme, a policy initiative designed to strengthen foreign exchange reserves, boost investor confidence, enhance currency stability, and create a more conducive environment for foreign direct investment and economic growth.
“The gold accumulation programme is an essential tool in our efforts to diversify reserve assets, reduce exposure to global financial volatility, and provide the economy with more robust buffers against external shocks,” the Bank of Ghana noted in an earlier policy communication.
By expanding its gold reserves, the BoG also aims to leverage these assets to secure more affordable financing options, thereby improving short-term foreign exchange liquidity without over-reliance on external debt markets.
The strategic shift forms part of broader efforts to reduce dependence on traditional reserve assets such as U.S. Treasury securities. The central bank’s gold reserves accumulation comes against the backdrop of tightening global financial conditions, currency volatility, and heightened geopolitical risks.
Market analysts have lauded the BoG’s approach as prudent, arguing that the growing gold reserve position could bolster Ghana’s balance of payments resilience, cushion the economy from external shocks, and enhance the credibility of monetary policy.
