Ghana’s gold reserves have seen a significant increase in valuation, reaching approximately 46.3 billion Ghanaian Cedis (GH₵) by the end of April 2025. This follows an announcement by the Bank of Ghana on Tuesday, May 6th, 2025, that the price of gold had risen to GH₵46,086.32 per ounce.
Official data from the Bank of Ghana indicates that the nation’s total gold holdings stood at 31.37 tonnes as of April 30th, 2025. This translates to 1,008,837.07 ounces of gold, based on standard conversion rates.
Calculations based on the official spot price and the total ounces held put the estimated value of Ghana’s gold reserves at GH₵46,439,963,249.28. This rapid increase in the value of the country’s reserves underscores the strategic importance of gold as a key financial asset for the Ghanaian economy.
The Bank of Ghana has been steadily increasing its gold reserves over the past two years, from 8.78 tonnes in May 2023 to over 31 tonnes by April 2025. This significant accumulation is in line with Ghana’s broader strategy to strengthen its economic resilience in the face of global financial uncertainty.
According to the Bank of Ghana, the growth in gold holdings is part of its “Gold for Reserves” programme. This initiative aims to diversify the central bank’s asset portfolio and provide support for the Ghanaian Cedi currency. The programme has also contributed to bolstering the country’s foreign exchange reserves, reducing its dependence on the US dollar, and enhancing its fiscal autonomy.
While the central bank has not indicated any immediate changes to its gold acquisition strategy, the sustained rise in gold prices and increasing global interest in precious metals suggest that Ghana may continue to leverage its gold reserves to stabilise its economy.
The announcement comes at a time when global gold prices are rallying due to factors such as geopolitical tensions, US tariffs, inflation concerns, and heightened demand for safe-haven assets. Ghana, which is Africa’s leading gold producer, is strategically positioned to benefit from this upward trend in the gold market.
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