Bank of Ghana’s gold reserves rise by 1.54 tonnes under Mahama administration – Nsemkeka
Ghana’s gold reserves continue their steady upward climb, with the Bank of Ghana (BoG) reporting a significant increase of 1.54 tonnes between December 2024 and May 2025. The country’s gold holdings now stand at 32.16 tonnes, up from 30.53 tonnes at the end of last year.
This latest jump includes a month-on-month increase of 0.79 tonnes from April’s reserve of 31.37 tonnes. The Mahama administration has promised to strengthening Ghana’s gold-backed assets as part of its broader economic resilience strategy.
The progress is particularly striking when viewed over a longer timeline. Just two years ago, in May 2023, Ghana’s gold reserves stood at 8.79 tonnes. Since then, the central bank has more than tripled its holdings through its “Gold for Reserves” programme — a policy that mandates gold producers in Ghana to sell a portion of their output to the central bank in local currency.
The move is aimed at reducing reliance on foreign exchange reserves, stabilizing the Ghanaian cedi, and providing a hedge against global financial volatility. With Ghana retaining its position as Africa’s top gold producer, the policy has proven effective in expanding the country’s gold-backed financial buffers.
According to the Bank of Ghana, gold now plays a pivotal role in its foreign reserves portfolio, supporting efforts to strengthen monetary policy, reduce inflationary pressures and ensure long-term financial stability.
Analysts say the surge in gold accumulation is also well-timed, as global gold prices continue to remain strong — offering Ghana both fiscal value and strategic leverage.