Ghana’s official gold reserves have continued their steady ascent, reaching 31.37 tonnes by the end of April 2025, according to the Bank of Ghana. This represents a significant rise from the 8.78 tonnes recorded in May 2023—nearly a fourfold increase in under two years. The surge underscores the central bank’s ongoing efforts to strengthen foreign reserves and reinforce financial stability by expanding its gold holdings.
This increase is part of a wider initiative by the Bank of Ghana to diversify its portfolio and reduce dependence on traditional foreign currencies.
As the continent’s leading gold producer, Ghana has implemented measures to formalise its small-scale mining industry and direct more of its gold output toward national development.
In support of this agenda, President John Dramani Mahama established the GoldBod upon taking office—a regulatory body mandated to oversee the sale of gold produced by small-scale miners.
Since its inception, GoldBod has played a crucial role in enhancing Ghana’s local gold reserves. One of its most notable achievements was brokering a groundbreaking deal with nine large-scale mining companies, requiring them to allocate 20% of their gold output for domestic use.
This agreement followed extended negotiations with companies that had previously not participated in the Bank of Ghana’s Domestic Gold Purchase Programme. The participating firms include:
- Golden Team Mining Company Limited
- Akroma Gold Limited
- Adamus Resources Limited
- Cardinal Namdini Mining Limited
- Goldstone Akrokeri Limited
- Earl International Group (GH) Limited
- Xtra Gold Mining Limited
- Prestea Sankofa Gold Limited
- Gan He Mining Resource Development Limited
This landmark deal marks a major milestone in Ghana’s strategy to strengthen its domestic gold reserves and better shield the economy from external economic shocks.
