BoG gold reserves hit 31.37 tonnes as of April 30

The Bank of Ghana (BoG) has increased its gold reserves to 31.37 tonnes as of April 30, 2025, marking a sustained upward trend in the central bank’s strategic effort to shore up the country’s foreign exchange reserves and enhance monetary policy credibility.

The April figure reflects a modest rise from the 31.01 tonnes recorded at the end of March 2025 and continues the growth trajectory observed since May 2023, when reserves stood at just 8.78 tonnes.

The more than threefold increase over a two-year period signals a decisive policy shift by the central bank, leveraging Ghana’s gold-producing capacity to support macroeconomic stability.

This accumulation has been driven primarily by the Domestic Gold Purchase Programme introduced by the BoG.

The initiative aims to increase the country’s foreign exchange buffers, boost investor confidence, and reinforce the stability of the Ghana cedi amid volatile global financial conditions.

At the launch of the programme, the BoG noted that beyond bolstering reserves, it also intended to expand gold holdings to serve as collateral for securing cheaper sources of international financing. This would improve short-term foreign exchange liquidity and reduce reliance on more expensive borrowing instruments.

The Bank’s strategy also aligns with ongoing efforts to diversify Ghana’s reserve assets, moving away from traditional holdings such as U.S. Treasury instruments toward assets with more intrinsic value, like gold.

Analysts say the accumulation of gold is a prudent response to rising global interest rates and capital flow volatility. They note that a robust gold reserve position enhances Ghana’s balance of payments resilience, provides a buffer against external shocks, and strengthens the central bank’s policy toolkit.

SP/MA

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