BoG Boosts Gold Reserves to Record 37.06 Tonnes Amid Global Bullion Price Surge
The Bank of Ghana (BoG) has increased its gold reserves to a record 37.06 tonnes as of end-September 2025, underscoring the central bank’s aggressive accumulation strategy aimed at shielding the economy from currency instability and external shocks.
Data released by the central bank show a steady rise in reserves from just under 9 tonnes in May 2023, representing more than a fourfold increase in just over two years. The pace of accumulation accelerated significantly from mid-2024, with monthly purchases averaging over one tonne, reflecting a deliberate policy push under the “Gold for Reserves” initiative.
The programme, launched to leverage Ghana’s position as Africa’s largest gold producer, seeks to diversify the BoG’s foreign reserve assets away from the US dollar and mitigate exposure to exchange rate volatility. Analysts observe that the strategy has helped bolster market confidence in the cedi and improve the country’s reserve adequacy metrics.
The rapid build-up comes at a time when Ghana is implementing a $3 billion IMF-supported reform programme focused on restoring macroeconomic stability and debt sustainability. Gold’s stellar performance on international markets—driven by persistent inflation and geopolitical uncertainty—has further enhanced the value of Ghana’s reserve holdings.
On Tuesday, gold futures breached the $4,000-an-ounce mark for the first time, reaching an intraday high of $4,014.60 before settling at $3,987.50. Spot gold also set a new record of $3,991 per ounce, as expectations of US interest rate cuts and heightened political tensions spurred safe-haven demand.
The BoG’s intensified gold accumulation underscores a strategic shift towards commodity-backed resilience, positioning Ghana’s reserves to better withstand future global financial shocks.
