The Bank of Ghana’s (BoG) gold reserves have more than quadrupled since the launch of the Gold for Reserves Programme in May 2023, increasing from 8.78 kilogrammes to 34.40 kilogrammes as of July 2025.
This remarkable growth reflects the central bank’s sustained efforts to strengthen Ghana’s reserve buffers through strategic gold purchases, as part of measures to enhance economic stability and reduce reliance on foreign currency holdings.
According to data released by the BoG, the gold holdings have shown steady month-on-month growth since the programme’s inception, with notable increases recorded in August, September and November 2023, as well as in the first half of 2025.
The figures indicate that by June 2023, the reserves has risen to 10.01 kilogrammes, climbing to 13.62 kilogrammes in August and 16.13 kilogrammes in September.
The upward trajectory continued throughout 2024, reaching 25.97 kilogrammes in August that year and surpassing the 30-kilogramme mark in December 2024.
By July 2025, the reserves hit 34.40 kilogrammes, the highest level since the programme began.
The BoG said the programme was part of a deliberate strategy to diversify the country’s reserve assets and protect the economy from external shocks.
The Gold for Reserves Programme was launched in May 2023 to use locally sourced gold to boost the nation’s international reserves, reduce the pressure on the Ghana cedi, and strengthen the central bank’s ability to manage the country’s foreign exchange needs.
The rapid accumulation of gold reserves could also bolster investor confidence and enhance Ghana’s creditworthiness on the international market.
The steady growth in the BoG’s gold reserves comes when the global economic outlook remains uncertain, with geopolitical tensions, fluctuating oil prices and interest rate changes in major economies affecting emerging markets.
By holding more gold, Ghana reduces its vulnerability to such external pressures.
The BoG has reiterated its commitment to maintaining the growth momentum of its gold reserves, indicating that it will continue purchasing gold from the domestic market to build a strong and diversified reserve base.
With the reserves now at 34.40 kilogrammes, nearly four times the starting point two years ago, the Gold for Reserves Programme is increasingly seen as a significant pillar of Ghana’s economic resilience strategy.
BY KINGSLEY ASARE