Mahama strikes gold: Bank of Ghana reserves soar by 1.54 tonnes in five months

Ghana's gold reserves are steadily increasing. The Bank of Ghana (BoG) reports a rise of 1.54 tonnes from December 2024 to May 2025. The country now holds 32.16 tonnes, up from 30.53 tonnes at the end of last year.

This increase includes a month-on-month rise of 0.79 tonnes since April’s reserve of 31.37 tonnes. The Mahama administration aims to strengthen Ghana’s gold-backed assets as part of its economic strategy.

The progress is notable over a longer timeline. In May 2023, Ghana’s gold reserves were only 8.79 tonnes. Since then, the central bank has more than tripled its holdings through the “Gold for Reserves” programme.

This policy requires gold producers in Ghana to sell some output to the central bank for local currency. It aims to reduce reliance on foreign exchange reserves and stabilize the cedi.

Ghana remains Africa’s top gold producer, making this policy effective in expanding financial buffers. According to the Bank of Ghana, gold is crucial for its foreign reserves portfolio.

It supports monetary policy efforts and helps reduce inflationary pressures for long-term stability. Analysts note that this surge in gold accumulation is well-timed with strong global prices.

This situation offers Ghana both fiscal value and strategic leverage in the market.