Dr. Johnson Asiama
The country’s gold reserves have climbed to 37.06 tonnes at the end of September 2025, according to the latest data from the Bank of Ghana (BoG).
The central bank’s report shows that the country’s gold holdings have maintained a consistent upward trajectory since May 2023, when reserves stood at 8.78 tonnes.
Over the subsequent 16 months, the figure has more than quadrupled, reflecting the bank’s aggressive accumulation strategy under the Domestic Gold Purchase Programme (DGPP) and the Gold for Reserves initiative.
From June 2024 to September 2025, reserves increased by almost 14 tonnes, underscoring the effectiveness of the central bank’s policy to use gold as a stabilising asset in foreign reserves management.
The sustained growth has positioned Ghana among Africa’s leading gold-reserve holders, alongside South Africa and Egypt.
Analysts say the accumulation aligns with the BoG’s broader strategy to diversify reserves away from the US dollar and strengthen the cedi’s long-term stability.
Gold holdings now account for a significant share of Ghana’s reserve assets, enhancing the country’s resilience against external shocks and currency volatility.
Governor of BoG, Dr. Johnson Pandit Asiama has previously emphasised that increasing gold holdings is key to insulating the economy from global commodity price fluctuations and exchange rate pressures.
The approach, he noted, complements the Domestic Gold for Oil and Gold for Reserves programmes designed to improve foreign exchange liquidity and stabilise fuel imports.
The September data marks the highest level of gold reserves in recent time, with total holdings rising from 36.02 tonnes in August to 37.06 tonnes a month later, a gain of more than one tonne in just 30 days.
By Ernest Kofi Adu