The Bank of Ghana’s gold reserves were valued at approximately 46.3 billion cedis (USD 3.5 billion) at the end of April 2025, according to an official report published in early May 2025. These reserves total 31.37 tonnes of gold, or approximately 1,008,837 ounces, valued at the official price of 46,086.32 cedis per ounce of gold.
Strengthening economic resilience
This sharp increase in reserves, from 8.78 tonnes in May 2023 to over 31 tonnes in April 2025, is part of the Bank of Ghana’s Gold for Reserves program. This program aims to:
- Diversify the central bank’s asset portfolio
- Support the stability of the Ghanaian cedi
- Strengthen the country’s foreign exchange reserves
This increase in the value of gold reserves also reflects the global rise in gold prices and increased demand for safe-haven assets. As Africa’s leading gold producer, Ghana is taking advantage of this trend to strengthen its economic resilience.
The Bank of Ghana’s strategy to increase its gold reserves
The Bank of Ghana has implemented a national gold purchasing strategy from local producers, requiring all mining companies to sell 20% of their gold production to the Central Bank in local currency since 2023. This program allows the Bank to increase its gold reserves, which are used in particular to pay for certain government expenditures, such as fuel. This helps stabilize the national currency and reduce dependence on foreign exchange.
Furthermore, the Bank launched a historic program aimed at doubling its gold reserves over five years. This includes purchasing gold from small-scale miners and gold miners to maximize profits from the national gold sector.
Economic Benefits for Small-Scale Miners and Gold Miners
The gold purchasing program from small-scale miners and gold miners offers several economic benefits for these stakeholders:
- It guarantees them a secure and regular outlet for their production, thus improving the stability of their income.
- By valuing their gold at an official price, it can provide better remuneration for their work compared to the often unfavorable informal channels.
- The program promotes the integration of small-scale miners into the formal economy, which can facilitate their access to financing and support services.
- Through formalization, it contributes to job creation and local development through the royalties and taxes generated, which can finance community infrastructure (schools, healthcare, etc.).
- It encourages better organization and management of artisanal mining activities, reducing the social and environmental risks associated with informal gold mining.
Thus, this system helps small-scale miners derive greater economic benefit from their activities while promoting more structured and sustainable development in the rural areas concerned.
