GH₵46 Billion: Ghana’s Gold Holdings Soar in April 2025

As of April 30, 2025, Ghana’s gold reserves have been valued at approximately GH₵46.4 billion, reflecting a significant increase from previous years. This surge is attributed to strategic initiatives by the Bank of Ghana (BoG) aimed at strengthening the nation’s financial position.

Strategic Accumulation of Gold Reserves

The BoG’s gold holdings have risen from 8.78 tonnes in May 2023 to 31.37 tonnes by April 2025, marking a substantial increase over a two-year period. This growth is primarily due to the Domestic Gold Purchase Programme (DGPP), which allows the central bank to acquire gold from local producers using the Ghanaian cedi. By the end of June 2024, the BoG had accumulated 65.4 tonnes of gold through this initiative, valued at approximately US$5.07 billion .

Impact on National Economy

The increase in gold reserves has bolstered Ghana’s foreign exchange reserves and provided a hedge against global economic uncertainties. In 2024, gold exports contributed significantly to the nation’s trade surplus, with earnings reaching US$11.64 billion, up from US$7.6 billion in 2023 . This growth underscores the importance of gold as a key export commodity and a stabilizing factor for the economy.

Policy Adjustments and Future Outlook

In March 2025, the BoG announced the suspension of the Gold for Oil policy, which had been implemented to stabilize fuel prices by using gold reserves to purchase oil. The decision to halt the program was based on recorded losses and the need to maintain stable inflation rates . Despite this, the BoG continues to focus on gold accumulation as a means to enhance financial stability and reduce reliance on foreign currencies.

Ghana’s strategic accumulation of gold reserves has positioned the country to better navigate global economic challenges. Through initiatives like the DGPP, the BoG has strengthened the nation’s financial resilience, providing a solid foundation for sustainable economic growth