Ghana’s central bank increased its gold reserves to 37.06 tonnes by the end of September 2025, extending a two-year accumulation trend as the country moves to diversify its foreign exchange reserves and strengthen external buffers.
Data published by the Bank of Ghana showed total gold holdings rising from 8.78 tonnes in May 2023, a more than 320% increase over the period. The build-up has been consistent across the 28-month stretch, with sharper gains recorded through mid-2024 and into 2025.
Between June and September 2025, reserves grew from 32.99 tonnes to 37.06 tonnes, adding just over 4 tonnes, or 12.3%, within four months. Monthly additions included 0.83 tonnes in June, 1.41 tonnes in July, 1.62 tonnes in August, and 1.04 tonnes in September, maintaining steady upward momentum.
The central bank has said the accumulation forms part of efforts to diversify reserve assets, reduce exposure to foreign currency fluctuations, and enhance long-term stability of the cedi.
The trend comes ahead of the start of the Domestic Gold Purchase Programme (DGPP) in October 2025, under which the Bank of Ghana will buy gold directly from local producers and use part of its holdings to back foreign exchange sales of up to US$1.15 billion per month through competitive auctions.
The new framework is expected to boost future gold holdings by ensuring a steady flow of domestically sourced bullion into the Bank’s reserves while reducing the need for external purchases.
Officials say the programme could strengthen Ghana’s reserve position, improve liquidity in the FX market, and deepen transparency in foreign exchange operations.
