BoG gold reserves soars to 36.02 tonnes in August

The Bank of Ghana (BoG) gold reserves increased to 36.02 tonnes in August 2025, up from 34.40 tonnes in July 2025.

This is contained in the latest official data released by the central bank in Accra on Friday.

This represents a continuation of the consistent growth trend observed over the past two years, as the central bank steps up its accumulation of gold to strengthen the country’s external buffers.

The data showed that BoG’s gold holdings had been rising steadily on a month-by-month basis.

It revealed that in June 2025, reserves stood at 32.99 tonnes, compared with 32.16 tonnes in May 2025.

Earlier in the year, the data showed that BoG’s gold holdings were 31.37 tonnes in April, 31.01 tonnes in March, and 30.81 tonnes in February.

In January 2025, the BOG’s reserves were reported at 30.62 tonnes.

The buildup began in earnest in 2023 when the Bank of Ghana, through its Gold for Reserves Programme, started purchasing gold directly from the domestic market.

From a base of 8.78 tonnes in May 2023, the central bank increased reserves to 13.62 tonnes by August 2023 and 19.50 tonnes by December 2023.

The momentum continued in 2024, with holdings climbing steadily to 24.47 tonnes in July 2024, 29.31 tonnes in November 2024, and 30.53 tonnes in December 2024.

By January 2025, reserves had crossed the 30-tonne mark for the first time, underscoring the effectiveness of the strategy.

In just over two years, Ghana has expanded its gold holdings more than fourfold, an achievement that highlights the central bank’s determination to diversify its international reserves portfolio.

The Gold for Reserves Programme, launched in 2021, was designed to leverage Ghana’s position as Africa’s leading gold producer.

By purchasing gold locally, the Central Bank not only secures an important store of value but also helps deepen the domestic gold market and supports the mining sector.

The Governor of the Bank of Ghana, Dr Pandit Johnson Asiama, has in previous policy statements reiterated that gold-backed reserves provide stronger confidence in the cedi and improve Ghana’s ability to manage its balance of payments.

He has also stressed that the programme would continue as part of efforts to build a more resilient economy.

With reserves now at 36.02 tonnes, Ghana joins a growing list of countries that are increasingly turning to gold as a strategic reserve asset.

BY KINGSLEY ASARE

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