BoG’s Gold Reserves Surge to 31.37 Tonnes

The Bank of Ghana’s (BoG) gold reserves have soared to 31.37 tonnes as of April 2025, marking a substantial rise from 8.78 tonnes recorded in May 2023. This significant growth—amounting to an increase of approximately 264.4%—comes as a result of the central bank’s ongoing “Gold for Reserves” initiative.

Launched in July 2021 under the Domestic Gold Purchase Programme (DGPP), the “Gold for Reserves” scheme was designed to diversify the BoG’s asset holdings and bolster Ghana’s foreign exchange reserves. Through the programme, the BoG purchases gold produced within the country using the Ghanaian cedi at market-based prices.

The sharp rise in reserves highlights the growing role of gold in Ghana’s monetary policy strategy, with the central bank leveraging domestic resources to strengthen economic stability.