Ghana’s gold reserves have reached a new high, with the Bank of Ghana holding 38.04 tonnes as of October 2025, marking a significant milestone in the country’s efforts to strengthen its foreign reserves and support the cedi.
The data shows a consistent and rapid accumulation trend. From 8.78 tonnes in May 2023, reserves rose steadily over the next two and a half years.
By December 2024, holdings had crossed the 30-tonne mark, and through 2025, they climbed further, reaching 38.04 tonnes in October.
This represents a fourfold increase over the period, highlighting a deliberate policy of building gold as a core reserve asset.
The rise aligns with the government’s GoldBod initiative, which formalises gold buying and exports, particularly from small-scale mining operations. GoldBod channels domestic gold into official reserves, reducing leakages from illicit trade, and supports the central bank’s strategy of holding tangible assets to back the cedi.
The growing gold reserves have wide-reaching effects, particularly for the cedi, which often experiences sharp swings but has shown signs of stability in recent months.
For importers, the reserves give the central bank more capacity to supply foreign currency during tight periods, helping to stabilize the cost of essentials like fuel, machinery, and raw materials.
The 2025 trend demonstrates a sustained, methodical approach. Monthly gains, from 31 tonnes in March to 38 tonnes in October. While gold alone cannot solve structural fiscal challenges, the increase in reserves strengthens Ghana’s economic resilience and supports the cedi agenda.
