Ghana’s gold reserves hit 32.99 tonnes in June, a fourfold jump since 2023

Ghana’s gold reserves have surged to 32.99 tonnes as of June 2025, according to the latest update from the Bank of Ghana (BoG), reflecting a sustained upward trend in the central bank’s efforts to fortify the country’s financial position.

The figures, published on the Bank’s website on Thursday, July 3, show a significant build-up in reserves, up from 31.37 tonnes in April and 32.16 tonnes in May. Compared to the 8.78 tonnes recorded in May 2023, the current stock represents an almost fourfold increase over the past year.

BoG attributes the rise to its deliberate strategy aimed at enhancing Ghana’s financial stability and reducing over-reliance on traditional foreign currencies, especially the U.S. dollar. This approach forms part of a broader diversification agenda that places increased value on gold as a strategic asset.

As the continent’s leading gold producer, Ghana has stepped up efforts to formalize the small-scale mining industry, a move that is helping to retain more of the precious metal domestically to support economic development goals.

In April this year, the Bank revealed that the country’s gold reserves were valued at approximately GH₵46.3 billion. This followed a spot price of GH₵46,086.32 per ounce at the time, based on the central bank’s announcement on May 6.

With a total of 31.37 tonnes of gold recorded as of April 30, equivalent to 1,008,837.07 ounces using the standard conversion (32,150.7 ounces per tonne), the estimated value of Ghana’s gold holdings at that time stood at GH₵46.4 billion, underscoring gold’s rising role as a pillar of the national reserve portfolio.