Ghana’s Gold Reserves Hit Record 36 Tonnes, BoG Reports Strong Build-Up
The Bank of Ghana (BoG) has announced that the country’s gold reserves have climbed to a historic 36.02 tonnes at the end of August 2025, marking the strongest build-up since the launch of the domestic gold purchase programme in May 2023.
According to central bank figures, Ghana’s gold holdings have more than quadrupled over the past two years, rising steadily from just 8.78 tonnes in May 2023. The consistent growth highlights the scale and impact of the BoG’s strategy to strengthen foreign reserves with gold, diversify the reserve portfolio, and cushion the economy against external shocks.
By August 2024, reserves had already reached 25.97 tonnes, but the momentum has continued strongly through 2025. In just the last eight months, an additional 10 tonnes have been added, taking the stock to 36 tonnes — a level analysts say reflects both Ghana’s strong domestic production and deliberate reserve accumulation policy.
The Bank explained that the programme is designed to stabilise the cedi, reduce pressure on foreign exchange markets, and provide a reliable buffer against global commodity price swings. The accumulation also supports the country’s balance of payments and strengthens investor confidence in Ghana’s macroeconomic stability efforts.
The move comes at a time when many central banks worldwide are increasing their gold holdings to hedge against inflation, volatile currency markets, and geopolitical risks. For Ghana, Africa’s second-largest gold producer, the reserves also provide a natural advantage in leveraging domestic resources for long-term stability.
Economists suggest that maintaining this trajectory will not only fortify Ghana’s external reserves but also serve as a strategic pillar for the country’s reset agenda, especially as the government seeks to reduce dependence on external borrowing and imported forex liquidity.
