The Bank of Ghana’s gold reserves climbed to a total of 31.01 tonnes as of March 31, 2025. This reflects a steady build-up strategy aimed at strengthening the country’s foreign reserves and monetary stability framework.

This marks a notable increase from 30.81 tonnes recorded at the end of February 2025, and continues a sustained growth trend that has been observed over the past two years.

Starting from 8.78 tonnes in May 2023, the central bank’s gold holdings have more than tripled, underscoring a strategic pivot toward leveraging Ghana’s position as a major gold producer.

The domestic gold purchase programme is seen as playing a key role in build up with the Central Banking noting at the time of the launch of the programme that it will pave the way to grow its foreign exchange reserves to foster confidence, enhances currency stability, creates a more attractive environment for foreign direct investments and economic growth.

The programme it noted will also enable the Bank leverage its gold holdings to raise cheaper sources of financing to provide short-term foreign exchange liquidity.

The accumulation forms part of broader efforts to diversify reserve assets away from traditional instruments.

Analysts note that a stronger gold reserve position can help improve balance of payments resilience, cushion external shocks, and reinforce monetary policy credibility at a time when emerging markets are facing tightening global financial conditions.