The Bank of Ghana’s (BoG) total gold reserves reached 31.37 tonnes ending April 2025. This was contained in a market report issued by the BoG on April 5, 2025. The gold reserves position ending April 2025 indicates more than 200 percent rise compared to December 2022.
Details of BoG’s reserve position
According to the statistics, the BoG’s total gold holdings were 8.78 tonnes as of March 31, 2023.
But over the previous few months, this rose significantly, reaching 31.73 tonne in April 2025.
A close examination of the data revealed that the BoG’s monthly additions to gold holdings increased by more than 20% in several instances.
In contrast to the margin of expansion in prior months, the robust increase in gold reserve holdings has decreased since the start of this year.
BoG’s Gold Purchase Programmme
The BoG has credited the Domestic Gold Purchase program, which was started in June 2021, with the significant increase in its gold reserves over time.
The acquisition of gold from domestic mining companies was one of several steps used to diversify the central bank’s assets and boost Ghana’s reserves.
Additionally, it assisted the BoG in lowering global shocks and instability linked to the dollar that were unaffected by gold reserves.
The BoG purchases gold from the mining companies and reimburses them in Ghanaian cedis as per the agreement.
Ghana’s low gold reserves have already alarmed the central bank, which demanded fresh steps to address the issue moving forward.
In a recent interview with JOYBUSINESS, Dr. Johnson Asiama, the governor of the Bank of Ghana, stated that the central bank is dedicated to maintaining the nation’s whole foreign reserves in the future.
He stated, “This move should also help to firmly stabilize the cedi.”
Impact
A strong BoG gold reserve position is anticipated to result in the largest gain for the cedi.
While reassuring investors that the central bank is well-positioned to protect the local currency, the situation also sends positive signals to the market.
According to some market observers, the weak gold reserve position caused uncertainty, which prompted some people to place bets on the central bank’s capacity to support the cedi.
In the past, this encouraged speculators’ activity.