The Bank of Ghana (BoG) has made a substantial leap in its gold reserves, increasing its holdings from 19.5 tonnes in December 2023 to 30.5 tonnes in December 2024.
This represents an impressive 11-tonne increase within a single year, highlighting the central bank’s commitment to strengthening Ghana’s financial stability and reserve assets.
With this increase, the total value of BoG’s gold reserves now stands at approximately $2.72 billion.
This sharp rise aligns with the central bank’s strategic objective to strengthen Ghana’s financial stability, support the cedi, and reduce dependence on foreign currencies, particularly the US dollar.
By expanding its gold reserves, the BoG reinforces the country’s economic resilience, providing a stronger buffer against global financial uncertainties and currency fluctuations.
The significant expansion of Ghana’s gold reserves is primarily driven by strategic initiatives such as the Domestic Gold Purchase Programme (DGPP) and the Gold for Oil policy.
These programmes are designed to leverage the country’s vast gold resources to strengthen economic stability, reduce external vulnerabilities, and support sustainable financial growth.
The latest increase in gold holdings underscores Ghana’s strong commitment to building a robust monetary reserve through strategic gold accumulation.
By enhancing its gold reserves, the Bank of Ghana reinforces its ability to manage inflation, stabilise the cedi, and reduce the country’s dependence on foreign currencies, particularly the US dollar.
Economic experts believe that this continued upward trend in gold acquisitions will serve as a critical safeguard for Ghana’s financial system, providing a stronger buffer against global economic uncertainties, currency fluctuations, and external market pressures.