GoldBod drives Ghana’s gold reserves to 38.04 tonnes

Ghana’s central bank gold reserves have climbed to 38.04 tonnes at the end of October 2025, driven largely by the new Ghana Gold Board (GoldBod) and its domestic gold procurement strategy.

According to market data released by the Bank of Ghana on November 5, 2025, the latest figure represents more than a 35 percent increase compared with the 28.1 tonnes recorded in October 2024, highlighting the continued growth in Ghana’s official gold holdings.

The data further shows that the Bank of Ghana’s total gold holdings stood at 30.53 tonnes in December 2024, meaning approximately 7.51 tonnes were added between January and October 2025.

In September 2025, the Central Bank’s gold reserves stood at 37.06 tonnes, representing a 21.3 percent increase from the 30.53 tonnes recorded in January.

Ghana’s central bank has also rebuilt its foreign reserves to the equivalent of four and a half months of import cover after they were nearly depleted during the 2022 economic crisis. Governor Johnson Asiama credited the new state-run gold trading body with helping to plug foreign exchange leaks and strengthen the country’s reserves.

The GoldBod, established in March 2025, has generated about US$8 billion by centralizing the purchase and export of gold and ensuring that foreign currency earnings return to Ghana, Asiama said at an event held on the sidelines of the International Monetary Fund and World Bank Annual Meetings in Washington.

“It’s like a revolving kind of fund that we operate,” he told Reuters. “And I think so far it’s been complementary, helping us to build our reserves.”

Asiama added that the Bank of Ghana continues to receive bullion directly from large-scale mining companies under existing agreements, further contributing to the growth of the country’s official gold holdings.