BoG’s gold reserves rise to 34.40 tonnes in July

The Bank of Ghana’s gold holdings rose to 34.40 tonnes in July 2025, a 4.09% increase from June and an 8.05% gain since the start of the year.

Central bank data show reserves opened 2025 at 30.53 tonnes, edged to 30.62 tonnes by the end of January and recorded steady monthly gains thereafter. The stockpile has risen sharply from 8.78 tonnes in May 2023, a more than fourfold increase.

The Bank attributes the build-up largely to its Domestic Gold Purchase Programme, which it says was launched to diversify reserve assets, reduce exposure to global volatility and strengthen buffers against external shocks. In a previous statement, the Bank described the programme as “an essential tool” for those aims.

The Bank also said it plans to use the gold holdings to secure cheaper financing, improve short-term foreign-exchange liquidity and reduce reliance on external debt markets. The central bank did not provide a detailed breakdown of the sources or timing of purchases in its public data.

Bank officials and some market observers say the gold accumulation has contributed to efforts to support the cedi this year, but the Bank has not quantified the precise effect. The statement stops short of attributing cedi stability solely to the reserve build-up.

Some market watchers say gold is likely to remain part of the central bank’s reserve strategy in the medium term. The Bank’s public comments frame the programme as a measure to strengthen Ghana’s external position and widen its options for managing shocks.