The Bank of Ghana (BoG) has boosted its gold reserves to 34.40 tonnes in July 2025, representing a 4.09% month-on-month increase and an 8.05% rise since the start of the year.
Data from the Central Bank shows reserves opened 2025 at 30.53 tonnes, inching to 30.62 tonnes by the end of January before continuing steady monthly gains.
From just 8.78 tonnes in May 2023, the BoG has more than quadrupled its stockpile, a move widely credited with helping to stabilise the cedi this year.
The reserve build-up is being driven by the Domestic Gold Purchase Programme, a flagship policy aimed at strengthening foreign exchange reserves, enhancing investor confidence, bolstering currency stability, and creating a more attractive climate for foreign direct investment.
In an earlier statement, the BoG described the initiative as “an essential tool in our efforts to diversify reserve assets, reduce exposure to global financial volatility, and provide the economy with more robust buffers against external shocks.”
The Bank says it intends to leverage the gold holdings to secure more affordable financing, improving short-term forex liquidity while reducing dependence on external debt markets – a strategy market analysts believe will remain central to Ghana’s macroeconomic resilience going forward.
