When the central bank announced on May 6 that the price of gold had increased to GH₵46,086.32 per ounce, the Bank of Ghana’s gold holdings were valued at about GH₵46.3 billion at the end of April 2025.
Official statistics released by the Bank of Ghana indicate that as of April 30, 2025, the country’s total gold holdings were 31.37 tons. Using the usual conversion of 32,150.7 ounces per metric tonne, this amounts to 1,008,837.07 ounces of gold.
Gold’s significance as a strategic financial asset for the Ghanaian economy is highlighted by the computed value of GH₵46,439,963,249.28 obtained by multiplying the total ounces by the official spot price. This represents a sharp increase in the nation’s reserves.
From 8.78 tonnes in May 2023 to over 31 tonnes in April 2025, the central bank has progressively grown its reserves during the last two years.
Ghana’s larger plan to increase economic resilience in the face of global financial turmoil is consistent with this aggressive accumulation.
The increase in gold holdings is a component of the Bank of Ghana’s “Gold for Reserves” initiative, which aims to support the cedi and diversify the central bank’s asset portfolio.
The program has also improved the nation’s budgetary independence, decreased its need for the US currency, and strengthened its foreign exchange reserves.
Although the bank has not disclosed any immediate plans to slow down its gold acquisition pace, the ongoing price increase and rising demand for precious metals worldwide raise the possibility that Ghana may keep using gold to stabilize its economy.
The revelation coincides with a global gold price surge brought on by US tariffs, inflation worries, geopolitical tensions, and heightened demand for safe-haven assets.
Ghana, the leading producer of gold in Africa, is well-positioned to profit from the upward trend.
Source: newsthemegh.com