Bank of Ghana gold strategy lifts reserves to US$13.83bn

Gold continued to play a pivotal role in strengthening Ghana’s external buffers in 2025, even as the Bank of Ghana (BoG) strategically drew down part of its bullion holdings to support foreign exchange reserves, according to the central bank’s January 2026 Summary of Economic and Financial Data.

The BoG’s gold holdings peaked at 37.1 tonnes in September 2025, reflecting the accumulation phase of its domestic gold purchase programme.

However, holdings declined to 18.6 tonnes by December 2025, following the partial conversion of gold into foreign exchange to bolster the country’s reserve position.

Despite the reduction in physical gold holdings, Ghana’s gross international reserves rose sharply to US$13.83 billion by December 2025, providing 5.7 months of import cover—the strongest reserve position recorded in recent years.

The data suggest that gold served not only as a store of value but also as a liquid reserve management instrument, enabling the central bank to respond to external financing pressures while maintaining adequate buffers against balance-of-payments shocks.

The improvement in reserves occurred alongside strong export performance, particularly from gold, which remained Ghana’s largest foreign exchange earner.

The robust reserve position supported overall macroeconomic stability, helping to moderate external vulnerabilities and underpin relative stability in the foreign exchange market toward the end of 2025.