The Bank of Ghana (BoG) has reported a significant surge in its gold reserves, which reached 38.04 tonnes at the end of October 2025 — the highest in the country’s history.
According to market data released by the Central Bank on Wednesday, the latest figure marks a 35% increase from the 28.1 tonnes recorded in October 2024, underscoring the Bank’s sustained accumulation of gold over the past year.
Strong build-up under Domestic Gold Purchase Programme
The BoG attributed the sharp growth in reserves to its Domestic Gold Purchase Programme, launched in June 2021, to diversify Ghana’s reserves and reduce reliance on the US dollar.
The programme allows the Central Bank to buy gold directly from local mining firms, paying them in Ghana cedis. This initiative has been instrumental in cushioning Ghana’s external reserves from global currency shocks.
Data from the BoG shows that total gold holdings stood at 30.53 tonnes in December 2024, meaning 7.51 tonnes were added between January and October this year. In some months, gold accumulation rose by more than 4% on a month-to-month basis.
Boost to the cedi and investor confidence
Governor Dr. Johnson Asiama said the continued growth in gold reserves reflects the Bank’s determination to safeguard Ghana’s international reserves and stabilise the local currency.
“This move should also go a long way in helping to firmly stabilise the cedi,” Dr. Asiama told Joy Business.
Economists say the strong reserve build-up sends a positive signal to markets and enhances the Central Bank’s ability to defend the cedi against speculative pressures.
Market analysts have long argued that Ghana’s historically weak reserve position contributed to volatility in the local currency. The latest figures, they say, strengthen the BoG’s hand in maintaining exchange rate stability and curbing specu
lation in the forex market.
