Gold Reserves Climb to Record 36 Tonnes as BoG Hedges Against Cedi Volatility
The Bank of Ghana (BoG) has boosted its gold reserves to a historic 36.02 tonnes as of end-August 2025, underscoring an aggressive build-up strategy aimed at shielding the economy from currency instability and external shocks.
Data published by the Bank of Ghana show that reserves have risen steadily from just under 9 tonnes in May 2023, representing a fourfold increase in just over two years. The pace of accumulation quickened markedly from mid-2024, with monthly purchases averaging more than one tonne.
The push forms part of the central bank’s “Gold for Reserves” programme, designed to leverage Ghana’s position as Africa’s largest gold producer. Analysts note that the initiative has allowed the BoG to diversify its holdings away from US dollars, reduce exposure to exchange rate volatility, and strengthen confidence in the cedi.
The gold accumulation by the Central Bank comes amid an ongoing $3bn IMF-supported reform programme. Gold, which has surged in global markets over the past year on the back of persistent inflation and geopolitical tensions, has provided the central bank with a relatively stable asset base.
However, questions remain about sustainability. Industry players warn that unless local mining production is scaled up, the reserves build-up could strain supply channels and potentially crowd out private sector access to gold.
For now, the Bank of Ghana’s gold holdings mark a record high and position the country among Africa’s top reserve holders.
