In a surprising development, Ghana’s gold reserves have seen a sharp and eye-catching decline in the final quarter of 2025.
This development has sparked fresh concerns about whether the Bank of Ghana (BoG) has been actively offloading part of its gold holdings to support broader economic objectives.
This drop was revealed by the new data from the Bank of Ghana’s latest Summary of Economic and Financial Data published in January 2026. According to the data, Gold Holdings, which had been rising steadily earlier in the year, dropped dramatically in the fourth quarter.
Gold Holdings: A Steady Rise, Then a Sharp Fall
The data cited by The High Street Journal reveals that at the start of 2025, Ghana’s gold holdings stood at 31.0 tonnes in Q1. This increased to 33.0 tonnes in Q2, before peaking at 37.1 tonnes in Q3, reflecting an accumulation phase that boosted reserves and strengthened external buffers.
However, the trend reversed sharply in Q4 2025, when gold holdings plunged to 18.6 tonnes.
This represents a decline of 18.5 tonnes within just one quarter, equivalent to a 49.9 percent drop from Q3 levels. This means that nearly half of the country’s gold reserves were wiped off the books between September and December.
Value of Gold Holdings: Heavy Losses in Dollar Terms
The decline is just as striking when viewed in value terms. In Q1 2025, the value of Ghana’s gold holdings stood at US$2.67 billion. This rose to US$2.93 billion in Q2 and further to US$3.43 billion in Q3, supported by higher volumes and favourable global gold prices.
But in Q4 2025, the value dropped sharply to US$2.68 billion. This marks a decline of about US$744.6 million in one quarter, translating into a 21.7 percent fall in the value of gold holdings between Q3 and Q4.
Why the Sharp Decline Matters
The timing and the rate of the drop are hard to ignore. Gold has increasingly been viewed as a strategic buffer for Ghana, helping to support reserves, shore up confidence, and reduce pressure on the cedi.
This therefore means that a sudden reduction of nearly 50 percent in physical holdings raises questions about whether gold was sold to meet liquidity needs, stabilise the currency, or support balance of payments pressures.
As done elsewhere, gold reserves act as a financial safety net. When they fall sharply, it can signal stress elsewhere in the economy, even if the move is deliberate and strategic.
The Bottomline
What makes the Q4 figures stand out is the contrast with the rest of the year. The first three quarters of 2025 told a story of accumulation and strengthening buffers. The fourth quarter tells a different story, one of drawdown and reduced cover.
Whether this reflects a one-off adjustment or the start of a broader strategy by the central bank is yet to be clarified. What is clear from the data is that Ghana’s gold holdings and their value both took a significant hit in the final quarter of 2025, marking one of the sharpest quarterly declines in recent years.
