The Bank of Ghana’s (BoG) total gold reserves reached 31.37 tonnes ending April 2025.
This was contained in a market data released by the BoG on April 5, 2025.
The gold reserves position ending April 2025 represents more than 200 percent increase compared to December 2022.
Details of BoG’s reserve position
The data showed that on March 31, 2023, the BoG’s Total Gold Holdings, stood at 8.78 tonnes.
However, this increased by some significant margin over the past months to reach 31.73 tonne in April 2025.
A careful look at the data, showed that in some cases the amount of gold reserves added by the BoG on a month-on-month basis went up by more than 20 percent.
However, since the beginning of this year, the aggressive increase in the gold reserve holdings slowed, compared to the margin of increase in previous months.
BoG’s Gold Purchase Programmme
The BoG has attributed the strong growth in its gold reserves over the years to the Domestic Gold Purchase programme, which was launched in June 2021.
The move was part of measures to increase Ghana’s reserves by diversifying the central bank’s holdings with the purchase of gold from mining firms in the country.
It also helped the BoG to reduce global shocks and volatilities associated with the dollar but immune from gold reserves.
Per the arrangement, the BoG buys gold from the mining companies and pay them back in Ghana cedis.
The central bank had earlier raised concerns about Ghana’s low gold reserves, calling for new measures to improve the situation going forward.
The Governor of the BoG Dr. Johnson Asiama in a recent interview with JOYBUSINESS noted that the central bank is committed to preserving the country’s total international reserves going forward.
“A move that should also go a look way to help firmly stabilize the cedi” he said.
Impact
The cedi is expected to be the biggest gain from a strong BoG gold reserve position.
The situation sends a good signals on the market, whiles assuring investors that the central bank is in a strong position to defend the local currency.
Some market analysts have in past argued that the weak gold reserve position created uncertainties that led to some persons betting on the ability of the central bank to support the cedi.
This in the past fueled the activities of speculators.
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