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The Bank of Ghana’s gold reserves have risen to 31.01 tonnes as of March 31, 2025, reflecting the success of its steady build-up strategy aimed at strengthening the country’s foreign reserves and enhancing monetary stability.
This marks an increase from the 30.81 tonnes recorded at the end of February 2025 and continues a consistent upward trend over the past two years. Beginning with 8.78 tonnes in May 2023, the central bank’s gold holdings have more than tripled, highlighting Ghana’s strategic shift to capitalize on its status as one of the world’s major gold producers.
The domestic gold purchase programme has been central to this growth. At the time of its launch, the Bank of Ghana emphasized that the programme would “pave the way to grow its foreign exchange reserves to foster confidence, enhance currency stability, create a more attractive environment for foreign direct investments, and stimulate economic growth.”
The Bank also noted that the programme would allow it to “leverage its gold holdings to raise cheaper sources of financing to provide short-term foreign exchange liquidity,” further strengthening its financial position.
This accumulation is part of broader efforts to diversify Ghana’s reserve assets away from traditional instruments such as foreign currencies and bonds.
Analysts observe that a stronger gold reserve base enhances a country’s ability to manage balance of payments pressures, cushion against external economic shocks, and reinforce the credibility of monetary policy—particularly critical now, as emerging markets face tightening global financial conditions.
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