Gold Reserves Rebound to 19.2 Tonnes in February 2026
Ghana’s gold holdings have edged up to 19.2 tonnes as of February 2026, recovering from 18.6 tonnes recorded in December 2025, according to the latest Summary of Economic and Financial Data released by the Bank of Ghana.
The modest increase follows a sharp decline in the final quarter of 2025, which sparked public concern and renewed scrutiny over the management of the country’s reserve assets.
Central Bank data indicate that gold reserves rose steadily from 27.2 tonnes in September 2024 to a peak of 37.1 tonnes in September 2025, reflecting an aggressive accumulation drive over the period.
However, holdings subsequently fell significantly to 18.6 tonnes by December 2025 representing nearly a 50 percent drop from the September 2025 peak.
The sharp contraction prompted debate over the possibility of reserve depletion, although the Bank of Ghana has maintained that the movement reflects a deliberate rebalancing of its international reserves rather than a loss of assets.
Governor Johnson Asiama has explained that gold previously accounted for more than 40 percent of Ghana’s total international reserves, exceeding the typical 20–25 percent benchmark observed in comparable economies.
According to him, the central bank converted part of its gold holdings into foreign exchange assets to reduce concentration risk and enhance the resilience of the reserve portfolio.
He noted that proceeds from the conversion remain within the country’s international reserves framework and are being strategically deployed to strengthen liquidity and improve overall returns.
The Governor emphasised that reserve management requires periodic adjustments in response to evolving market conditions, risk exposure and macroeconomic priorities.
The Bank of Ghana says it will continue to monitor its reserve composition and make necessary adjustments in line with international best practices, while maintaining a balance between stability, liquidity and yield optimisation.
