Ghana’s Gold Reserves Continue Upward March, Hitting 34.4 Tonnes in July
Ghana’s official gold reserves climbed to a record 34.4 tonnes at the end of July 2025, capping more than two years of sustained monthly gains, according to data from the Bank of Ghana.
The latest figures mark an almost fourfold increase from the 8.78 tonnes held in May 2023, underscoring the central bank’s aggressive accumulation strategy amid efforts to bolster foreign exchange reserves, diversify assets, and reduce exposure to the US dollar.
Monthly data show uninterrupted growth since mid-2023, with particularly sharp rises recorded between August and December 2023, when reserves expanded by nearly 6 tonnes in just four months. The pace moderated in 2024 but remained firmly upward, with incremental additions pushing holdings past 30 tonnes by January 2025.
Analysts say the central bank’s strategy reflects both hedging against currency volatility and capitalising on favourable gold prices in the face of uncertain global monetary conditions.
The gold stockpile expansion comes against a backdrop of Ghana’s broader macroeconomic stabilisation drive, following years of currency pressure and IMF-supported fiscal consolidation. While the reserve build-up has been welcomed by many, economists caution that sustaining the trend will depend on export earnings and fiscal discipline.
