Data from the Bank of Ghana (BoG) indicates a significant rise in the country’s gold reserves as of April 26, 2025. According to the central bank, Ghana’s reserves now stand at 31.37 tonnes, marking a notable increase compared to 8.78 tonnes recorded in May 2023.
This fourfold rise in less than two years reflects a major boost in the country’s efforts to strengthen its gold holdings.
The rise in reserves is said to be part of a broader plan outlined by the management of the BoG to diversify its asset holdings and reduce reliance on traditional foreign currencies.
Some sector players say the creation of GoldBod has played a pivotal role in boosting local gold reserves.
For instance, immediately after the establishment of the GoldBod, it negotiated a landmark agreement with nine large-scale mining firms to sell 20% of their gold output to the domestic market.
The deal with the nine large-scale mining firms, it said to represent a significant step toward strengthening Ghana’s domestic gold reserves and insulating the economy from external shocks.
This breakthrough agreement followed extensive talks with mining companies not previously involved in the Bank of Ghana’s Domestic Gold Purchase Programme.
The companies include: Golden Team Mining Company Limited, Akroma Gold Limited, Adamus Resources Limited, Cardinal Namdini Mining Limited, Goldstone Akrokeri Limited, and Earl International Group (GH) Limited.
The rest are: Xtra Gold Mining Limited, Prestea Sankofa Gold Limited, and Gan He Mining Resource Development Limited.
