- Bank of Ghana’s gold reserves reached 31.37 tonnes in April 2025
- This marks a 200%+ increase from December 2022
- Growth attributed to Domestic Gold Purchase Programme launched in 2021
The Bank of Ghana’s (BoG) gold reserves surged to 31.37 tonnes as of April 2025, according to market data released on April 5, 2025.
This marks a remarkable increase of over 200% compared to the reserves recorded in December 2022.
Breakdown of BoG’s Reserve Data:
As of March 31, 2023, the BoG held 8.78 tonnes of gold. Over the following months, this figure steadily rose, reaching 31.73 tonnes by April 2025. In several instances, monthly increases exceeded 20%, though the pace of accumulation has slowed somewhat in early 2025 compared to previous months.
Gold Purchase Programme Drives Growth:
The BoG attributes this significant growth in reserves to its Domestic Gold Purchase Programme, initiated in June 2021. The programme aims to diversify Ghana’s reserve assets and reduce exposure to global dollar volatility by purchasing locally sourced gold from mining companies in exchange for Ghana cedis.
Previously, the central bank expressed concern over Ghana’s low gold reserves and launched the programme to bolster its international reserves.
In a recent interview with JOYBUSINESS, BoG Governor Dr. Johnson Asiama reaffirmed the bank’s commitment to strengthening its reserve base, stating this would also support long-term stability of the Ghanaian cedi.
Market Impact:
The strengthening of gold reserves is seen as a positive signal for Ghana’s economy, particularly for the stability of the cedi. A robust reserve position enhances investor confidence and equips the central bank to better defend the local currency.
Analysts have previously noted that weak gold reserves contributed to market uncertainty and speculative pressure on the cedi, conditions that are likely to ease as reserve levels improve.
