The Bank of Ghana’s (BoG) gold reserves climbed to 32.99 tonnes by the end of June 2025, up from 32.16 tonnes recorded in May 2025, marking a steady increase in the country’s efforts to strengthen its foreign exchange buffers.
According to official data released by the central bank, Ghana’s gold reserves have grown 8.05% since January 2025, when the figure stood at 30.53 tonnes. A slight rise was first recorded on 31 January, increasing to 30.62 tonnes, and the reserves have since seen consistent month-on-month growth.
Significant progress from 2023
In May 2023, Ghana’s gold reserves were only 8.78 tonnes, indicating a more than threefold increase over the past year. This growth has played a crucial role in helping to stabilise the Ghanaian cedi and improve investor confidence in the country’s macroeconomic environment.
Domestic Gold purchase programme drives growth
The BoG attributes the sharp rise to its Domestic Gold Purchase Programme , a strategic policy aimed at strengthening Ghana’s international reserves. The initiative is designed to improve exchange rate stability, attract foreign direct investment, and reduce reliance on external borrowing.
In an earlier statement, the central bank noted: “The gold accumulation programme is an essential tool in our efforts to diversify reserve assets, reduce exposure to global financial volatility, and provide the economy with more robust buffers against external shocks.”
Improved access to financing
By building its gold stockpile, the BoG hopes to leverage these assets to secure more affordable financing, thereby enhancing short-term foreign exchange liquidity.
This strategy allows the country to reduce its dependence on expensive external debt markets while building resilience against future economic shocks.
