Ghana’s gold reserves triple to 31.01 tonnes in two years

The Bank of Ghana’s gold reserves rose to 31.01 tonnes as of March 31, 2025, reflecting its ongoing strategy to strengthen the country’s foreign reserves and support monetary stability.

This is up from 30.81 tonnes at the end of February 2025 and continues a strong growth trend seen over the past two years.

Since May 2023, when the reserves stood at 8.78 tonnes, the Bank of Ghana has more than tripled its gold holdings, a clear shift toward making better use of Ghana’s role as a major gold producer.

A key driver behind this growth has been the Bank’s domestic gold purchase programme.

Launched to boost foreign exchange reserves, the programme also aims to build confidence in the economy, support currency stability, attract more foreign investment, and drive economic growth.

The Bank also plans to use its growing gold stockpile to access cheaper financing options, helping to secure short-term foreign exchange liquidity.

This gold accumulation is part of a broader move to diversify Ghana’s reserve assets beyond traditional investments.

Analysts believe that a stronger gold reserve will improve Ghana’s ability to manage its balance of payments, better withstand external economic shocks, and reinforce the credibility of its monetary policy, especially at a time when emerging markets are facing tighter global financial conditions.