Ghana’s gold reserves valued at over GH₵46 billion as prices surge

The Bank of Ghana has revealed that the country’s gold reserves have reached an estimated value of GH₵46.3 billion as of the end of April 2025. This follows a surge in gold prices, which rose to GH₵46,086.32 per ounce, according to the central bank’s official update released on 6 May.

• Ghana's gold reserves reached an estimated value of GH₵46.3 billion by April 2025, driven by a surge in gold prices.
• The country's total gold reserves now stand at 31.37 tonnes, marking a sharp increase from 8.78 tonnes in May 2023.
• The Bank of Ghana’s 'Gold for Reserves' programme aims to diversify assets, support the Ghanaian cedi's stability, and boost foreign exchange reserves.

Substantial growth in Gold holdings

Official data shows that Ghana's total gold reserves now stand at 31.37 tonnes, equivalent to 1,008,837.07 ounces. This calculation is based on the standard conversion of 32,150.7 ounces per metric tonne.

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By multiplying the volume of gold by the spot market price, the reserves are now valued at approximately GH₵46,439,963,249.28. This marks a significant increase, highlighting gold’s rising role as a strategic economic asset.

Strategic reserve accumulation

The Bank of Ghana has steadily grown its gold stockpile over the past two years, increasing from 8.78 tonnes in May 2023 to over 31 tonnes by April 2025. This sharp increase reflects the central bank’s efforts to build economic resilience amid ongoing global financial volatility.

This strategy is part of the central bank’s “Gold for Reserves” programme, which seeks to diversify its asset portfolio, support the stability of the Ghanaian cedi, and boost foreign exchange reserves.

Through this initiative, the central bank aims to reduce the country’s dependence on the US dollar and improve fiscal autonomy. The programme has also helped to strengthen Ghana’s international reserve position, offering greater financial flexibility in times of economic pressure.

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While the Bank of Ghana has not announced plans to adjust the pace of gold acquisition, current market trends suggest that further accumulation remains likely. Global gold prices continue to rise due to geopolitical uncertainty, rising inflation, and heightened demand for safe-haven assets.

As Africa’s leading gold producer, Ghana is well-positioned to benefit from this favourable trend, turning its natural resources into a buffer against economic shocks.

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