Central banks around the world accelerated their gold purchases in the third quarter of 2025, with total net buying rising 28% from the previous quarter, according to the latest World Gold Council (WGC) report.
Ghana was among several emerging market central banks that increased their reserves, adding 4 tonnes in Q3 as global appetite for gold continued despite record-high prices.
The WGC Gold Demand Trends (Q3 2025) report showed that central banks collectively purchased an estimated 220 tonnes of gold during the quarter, up from 172 tonnes in Q2, maintaining gold’s position as a key reserve asset amid global economic uncertainty. While total 2025 demand remains slightly below the highs of the past three years, it still sits well above pre-2022 levels.
Ghana’s latest move aligns with a wider global trend led by central banks in Kazakhstan, Brazil, Turkey, China, Iraq, and others, all actively expanding their gold holdings to strengthen reserve portfolios. The National Bank of Kazakhstan was the largest buyer, while Brazil resumed buying for the first time since 2021.
The report noted that even with gold prices surging nearly 50% year-to-date, central banks continue to view the metal as a long-term strategic asset, offering a hedge against currency risks and inflation. The WGC said this “strategic case for gold remains front and centre,” especially for developing economies facing exchange rate pressures and rising geopolitical tensions.
On a year-to-date basis, central banks have added about 634 tonnes to global reserves. The National Bank of Poland remains the top buyer in 2025, despite pausing acquisitions since May, after raising its target gold share from 20% to 30% of total reserves.
The report also observed that while a large share of global gold purchases remains unreported, the momentum suggests continued accumulation in the final quarter of the year. For Ghana, the addition reflects both a diversification of its reserve assets and a reaffirmation of gold’s role as a stabilising pillar in uncertain economic times.
