By: Graphic business

According to data published on the Bank’s website on Thursday, July 3, the increase reflects a strategic effort by the BoG to strengthen financial stability and diversify Ghana’s foreign reserves.

The latest figure marks a rise from 31.37 tonnes in April and 32.16 tonnes in May. More significantly, it represents a nearly fourfold increase from the 8.78 tonnes recorded in May 2023.

This consistent growth underscores the BoG’s deliberate strategy to boost its gold holdings as part of a broader move to reduce the country’s dependence on traditional foreign currencies, particularly the U.S. dollar.

As Africa’s top gold producer, Ghana has intensified efforts to formalize the small-scale mining sector, ensuring that more domestically mined gold is retained to support national development objectives.

In April 2025, the BoG’s gold reserves reached a valuation of approximately GH₵46.3 billion at the end of April 2025 per the central bank’s announcement on May 6 that the price of gold had risen to GH₵46,086.32 per ounce.

According to official data published by the Bank of Ghana, the nation’s total gold holdings stood at 31.37 tonnes as of April 30, 2025. This translates to 1,008,837.07 ounces of gold, using the standard conversion of 32,150.7 ounces per metric tonne.

Multiplying the total ounces by the official spot price gives a calculated value of GH₵46,439,963,249.28, marking a rapid rise in the country’s reserves and underlining gold’s importance as a strategic financial asset for the Ghanaian economy.