The Bank of Ghana (BoG) has increased its gold holdings, rising from 19.5 tonnes in December 2023 to 30.5 tonnes in December 2024. 

This marks a substantial boost of 11 tonnes in the central bank’s gold reserves within a year. The value of the BoG’s current gold reserves is about $2.72 billion.

The sharp increase in Ghana’s gold reserves aligns with the BoG’s strategic efforts to enhance the country’s financial stability, strengthen the cedi, and reduce reliance on foreign currencies, particularly the US dollar.

This expansion is largely attributed to initiatives such as the Domestic Gold Purchase Programme (DGPP) and the Gold for Oil policy, both aimed at leveraging Ghana’s natural resources to stabilise the economy.

The latest figures highlight Ghana’s commitment to bolstering its monetary reserves through gold accumulation, reinforcing the Bank of Ghana’s role in managing inflation and supporting economic resilience.

Experts believe that this upward trend in gold acquisitions will provide a stronger buffer for the country’s financial system amid global economic uncertainties.