Ghana’s central bank increased its gold holdings to a historic 33 tonnes in June 2025, marking a 2.5% monthly rise from May’s 32.2 tonnes, according to the Bank of Ghana’s external sector report.
This continues a deliberate accumulation trend that has expanded reserves by 60% since March 2023.
The systematic growth from 20.6 tonnes in March 2023 to 27.2 tonnes by December 2024 reflects the bank’s strategy of monthly incremental purchases launched in 2022.
The program aims to diversify foreign reserves and bolster the cedi’s stability. Gross International Reserves concurrently rose to $11.1 billion, covering 4.8 months of imports.
The reserve buildup aligns with Ghana’s broader economic recovery under the Mahama administration, characterized by declining inflation and currency appreciation.
Analysts note gold’s role as a “cornerstone of financial stability” amid global volatility, with the central bank signaling sustained accumulation.
