For several years, the Central Bank of Ghana has been conducting a national gold purchase program to strengthen its foreign exchange reserves. This strategy has led to a significant increase in gold holdings in the country, the largest African producer of the yellow metal.

According to official data released by the central bank, Ghana's gold reserves have increased by 8.05% since January 2025, when they stood at 30.53 tons. A slight increase was recorded for the first time on 31 January, to 30.62 tonnes, and reserves have since grown steadily on a monthly basis

In May 2023, Ghana's gold reserves were only 8.78 tons, an increase of more than three times compared to the previous year. This growth has played a crucial role in stabilizing the Ghanaian CEDI and has strengthened investor confidence in the country's macroeconomic environment

The Bank of Ghana attributes the surge to its domestic gold purchase program, a strategic policy aimed at strengthening Ghana's international reserves. This initiative aims to improve exchange rate stability, attract foreign direct investment, and reduce dependence on foreign borrowing.

In an earlier statement, the central bank noted, “The gold accumulation program is an essential tool in our efforts to diversify reserve assets, reduce exposure to global financial volatility, and provide the economy with stronger buffers against external shocks.