BoG’s gold reserves surge to 34.40 tonnes in July, up 4.5%
By Eugene Davis
Ghana’s gold reserves surged to an all-time high of 34.40 tonnes in July 2025, up from 32.90 tonnes in June, representing a 4.5% increase, data from Bank of Ghana has revealed.
Bank of Ghana (BoG) data shows reserves opened 2025 at 30.53 tonnes, inching to 30.62 tonnes in January before recording steady monthly growth. From just 8.78 tonnes in May 2023, the BoG has more than quadrupled its stockpile—a strategy widely credited with helping to stabilise the cedi this year.
The Domestic Gold Purchase Programme has been central to this build-up, strengthening foreign exchange reserves, boosting investor confidence, enhancing currency stability, and attracting foreign direct investment.
According to the BoG, the initiative is “an essential tool” to diversify reserve assets, reduce exposure to global volatility, and provide robust buffers against external shocks. The Bank also plans to leverage its gold holdings to secure cheaper financing, improve forex liquidity, and reduce reliance on external debt—moves analysts say will be critical to Ghana’s macroeconomic resilience.
The gold sector’s stellar performance has fueled Ghana’s economic rebound in 2025. Gold exports soared 76% year-on-year to $5.2 billion in the first four months alone, driving the trade surplus to $4.1 billion, up sharply from $759 million last year.
The cedi has appreciated over 40% against the US dollar in 2025, making it the second-best performing currency worldwide after the Russian ruble, significantly improving Ghana’s purchasing power.
Under the Goldbod gold purchase programme, Ghana earned over $1.1 billion in forex in its first month, from the purchase and export of more than 11 tonnes of gold.
The country’s foreign exchange reserves have also far exceeded IMF projections, climbing to $6.87 billion in June 2024—well above the US$2.4 billion estimate.
