BoG gold reserves hit 38.04 tonnes in October 2025
The Bank of Ghana’s (BoG) total gold holdings have climbed to a new high of 38.04tonnes at the end of October 2025, a 2.6% month-on-month increase from September’s 37.06 tonnes, according to the BoG October 2025 Reserves Report.
A breakdown of the data indicates a consistent gold accumulation strategy over the past two years, with the addition of 0.98 tonnes in October continuing an unbroken growth trend observed since the beginning of 2025.
From 8.78 tonnes in May 2023, the Central Bank reserves have been rising, contributing significantly to the stability of the cedi in 2025.
On a year-on-year basis, gold holdings increased by 9.97 tonnes between October 2024 and October 2025, marking a 35% growth despite falling behind the 10.89 tonnes increase recorded in the preceding 12 months, between October 2023 and October 2024.
The bank’s gold acquisition strategy has shown consistent momentum throughout 2024 and 2025, with reserves growing from 20.08 tonnes in January 2024 to the current 38.04 tonnes, representing an 89% increase over the 22-month period.
The Bank of Ghana has credited the consistent increase in its gold reserves to the Domestic Gold Purchase Programme, which was launched in June 2021 in an attempt to enhance Ghana’s reserve position by diversifying the Central Bank’s assets through direct acquisitions of gold from local mining companies.
Additionally, it aims to reduce the Bank’s dependence on the US dollar, which tends to be more susceptible to fluctuations and shocks in global markets compared to gold.
With a relatively stable global gold market, the Bank of Ghana earlier emphasized that this consistent accumulation is a strategic move to strengthen Ghana’s economic resilience, banking on gold as a hedge against currency volatility, particularly important for commodity-exporting nations such as Ghana.
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