The Bank of Ghana’s gold reserves rose to 38.04 tonnes as of October 31, 2025, according to market data released on November 5, 2025. This marks a more than 35% increase from the 28.1 tonnes held in October 2024, underscoring steady growth in the country’s official gold holdings.
Reserve Growth Details
Data show that the Bank of Ghana held 30.53 tonnes of gold at the end of December 2024, meaning an addition of about 7.51 tonnes occurred from January to October 2025. Monthly increases in gold reserves sometimes exceeded 4%, reflecting consistent accumulation.
Domestic Gold Purchase Programme Driving Growth
The rise in gold reserves is attributed to the Bank of Ghana’s Domestic Gold Purchase Programme, initiated in June 2021. This programme enhances Ghana’s reserves by directly buying gold from local mining companies and paying them in Ghanaian cedis, thereby diversifying reserves away from the US dollar. The initiative also aims to reduce vulnerability to global currency market shocks.
Central Bank Commitment and Impact
Governor Dr. Johnson Asiama recently emphasized the Bank’s dedication to growing Ghana’s international reserves, noting the programme’s role in stabilizing the cedi. A stronger gold reserve position is expected to boost confidence in the local currency and improve the Bank’s ability to defend it against speculative pressures, supporting currency stability and market confidence in Ghana’s financial outlook.
Story by: Mercy Addai Turkson #ahotoronline.com