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THE Bank of Ghana (BoG) gold reserves have more than tripled to 31.7 tonnes as of April 2025, from 8.78 tonnes in May 2023 as part of its Gold for Reserves Programme, new data released by the BoG has revealed.
This represents an increase of approximately 264.4 per cent over the two-year period.
The BoG in July 2021 as part of the Domestic Gold Purchase Programme introduced the “Gold for Reserves” programme to diversify its asset portfolio and strengthen the country’s foreign exchange reserves
The DGPP, introduced in July 2021, includes the “Gold for Reserves” initiative, which enables the BoG to purchase domestically produced gold using the local currency at prevailing market prices.
The programme aims to diversify the Bank’s asset portfolio, strengthen Ghana’s foreign exchange reserves, support the local currency—the cedi—and reduce the country’s reliance on the US dollar.
The data said since its implementation, the BoG’s gold reserves had recorded consistent growth.
By the middle of 2023, the data said BoG’s reserves had climbed to 10.01 tonnes, and by the end of that year, it had more than doubled to 19.50 tonnes.
It said the positive momentum continued into 2024, with gold holdings reaching 20.08 tonnes at the start of the year and rising to 23.38 tonnes by middle-year.
By the end of December 2024, the Bank’s gold stock had surged to 30.53 tonnes.
It said the trend had remained steady in 2025 and the BoG began the year with 30.62 tonnes, increased to 30.81 tonnes in February, and rose further to 31.01 tonnes in March, before reaching 31.37 tonnes at the end of April.
The data said the sustained accumulation of gold reflects the Bank’s strategic commitment to
reinforcing Ghana’s macroeconomic stability through prudent reserve management and reduced dependence on foreign currencies
