The Bank of Ghana (BoG) has unveiled a striking leap in its gold holdings, with reserves climbing 38.7 per cent year-on-year to hit a record 36.02 tonnes in August 2025. That compares with 25.97 tonnes a year earlier, underscoring the central bank’s aggressive push to anchor its foreign reserves in gold.
Record haul in a year
The more than 10-tonne jump in just 12 months reflects a deliberate strategy to shore up the cedi and strengthen Ghana’s external buffers through precious metals. Officials describe the reserves surge as a crucial bulwark against external shocks and global currency swings.
Strong monthly momentum
Growth has also been steady month to month. In July 2025, reserves stood at 34.40 tonnes. By August, they had risen by 4.7 per cent to cross the 36-tonne threshold.
Cedi shielded by gold
The reserves expansion ties directly to Ghana’s Domestic Gold Purchase Programme, launched to reduce dependence on volatile foreign currencies. Under the scheme, local producers are encouraged to sell directly to the BoG, ensuring a steady supply. Analysts say the policy has propped up the cedi, reinforced investor confidence, and reduced the need for costly external borrowing.
Warning over gold reliance
Yet not all observers are convinced. A July report from BMI, a Fitch Solutions unit, warned that Ghana now holds roughly one-third of its reserves in gold, creating potential vulnerabilities. Any downturn in global gold prices, or delays in converting holdings into liquid foreign exchange, could undermine reserve strength and pose risks to financial stability.
Economists also caution that excessive gold-backing of the currency might make the cedi appear artificially strong, complicating export competitiveness at a time when Ghana is seeking to expand trade revenues.
Balancing security and risk
The BoG’s record accumulation cements gold’s role at the heart of Ghana’s economic strategy. But sustaining this momentum will require balancing the stability gold brings with the flexibility foreign currency reserves provide. As the global market faces turbulence, Ghana’s gold-heavy play will be closely watched across Africa and beyond.
