Ghana’s gold reserves have climbed to a historic high of 34.40 tonnes in July 2025, representing a 12.3% increase from the 30.62 tonnes recorded in January, according to the Bank of Ghana.
This marks the largest mid-year reserve level and continues a remarkable growth trajectory from just 8.78 tonnes in May 2023. By December 2023, reserves had more than doubled to 19.50 tonnes, before rising steadily to 23.38 tonnes by June 2024 and closing the year at 30.53 tonnes.
The momentum carried into 2025, with reserves inching up to 31.01 tonnes in March, 32.99 tonnes in June, and finally hitting the record 34.40 tonnes in July.
The surge in reserves is closely linked to reforms spearheaded by the Ghana Gold Board (GoldBod), established in March 2025 to centralise the purchase, assay, sale, and export of gold from licensed small-scale miners.
By cutting out middlemen and streamlining gold trade under one national authority, GoldBod has curbed smuggling, increased transparency, and ensured a steady flow of bullion into the Bank of Ghana’s vaults.
Having substantial gold reserves has been a major factor behind the sharp strengthening of the cedi, which appreciated over 40% year-to-date as of June 2025. The physical stockpile has boosted market confidence in the currency, supported foreign exchange liquidity, and enabled the Bank of Ghana to raise import cover to four months.
Gold remains Ghana’s single largest export earner. Between January and June 2025, gold exports reached US$8.39 billion, up from US$7.73 billion during the same period in 2024, and accounted for a significant share of the US$13.79 billion in total exports.
The rise in export revenues, coupled with swelling physical reserves, has strengthened the nation’s external position.
