The Bank of Ghana’s (BoG) gold reserves reached 31.01 tonnes as of March 31, marking a steady increase aimed at reinforcing the nation’s foreign currency reserves and enhancing its economic stability.

This figure represents a rise from the 30.81 tonnes recorded at the end of February 2025, continuing a growth pattern that has been consistent over the past two years.

Since May 2023, when gold holdings were at 8.78 tonnes, the central bank’s reserves have more than tripled, signaling a shift towards capitalizing on Ghana’s position as a leading gold producer.

The domestic gold buying initiative has been pivotal in this progress.

The Central Bank previously highlighted that the programme would be a critical tool for increasing foreign exchange reserves, boosting confidence, stabilizing the national currency, and creating a favorable climate for foreign investments and economic expansion.

Additionally, the Bank stated that the initiative would allow it to use its gold assets to obtain cheaper financing options, thus ensuring sufficient foreign exchange liquidity in the short term.

This effort to accumulate gold reserves forms part of a broader strategy to diversify the nation’s reserve assets, reducing dependence on traditional assets.

Economists argue that a stronger gold reserve position will help strengthen Ghana’s balance of payments, provide a buffer against global financial pressures, and enhance the credibility of the country’s monetary policies at a time when emerging markets face increasing global financial challenges.