GoldBod Fuels Ghana’s Gold Reserves Surge, 37.06 Tonnes and Rising

Ghana’s central bank gold reserves climbed to 37.06 tonnes by the end of September 2025, driven largely by the new Ghana Gold Board (GoldBod) and its domestic procurement strategy.

This represents a 21.3% increase from 30.53 tonnes in January, signalling a bold push to recast gold as more than a mining export, but also as a strategic reserve buffer.

Before the recent surge, the Central Bank held just 8.78 tonnes of gold reserves in 2023, which had a limited impact on strengthening foreign reserves, enhancing currency stability, and building resilience against global financial shocks.

A New Gold Regime

GoldBod was established in early 2025 under Act 1140 to centralize Ghana’s gold trade, particularly from the artisanal and small-scale mining (ASM) sector.

Its mandate is wide-ranging: to buy, assay, grade, export, license, and enforce traceability across the gold value chain.

In August, reserves had already reached 36.02 tonnes, a record at the time. However, the momentum continued into September.

In September, GoldBod’s domestic gold purchase programme was credited with increasing acquisitions, leading to closer alignment between national gold production and reserve accumulation.

“We are dedicated to transforming Ghana’s gold trading industry to maximize national benefits through responsible sourcing, supply chain traceability, value addition, and sustainability,” GoldBod CEO Sammy Gyamfi Esq. declared in a recent statement.

Under his leadership, GoldBod maintains that measures such as suspending questionable licences and enforcing stricter compliance are key to preventing leakages in the sector.

Small-Scale Mining Takes Centre Stage

One of GoldBod’s defining shifts is its focus on the artisanal and small-scale mining sector, which is distinct from illegal mining.

In a major development, small-scale gold exports overtook large-scale exports for the first time this year, a shift attributed to the new framework introduced under GoldBod.

Finance Minister Dr Cassiel Ato Forson noted that Ghana had secured agreements with nine additional mining companies to deliver 20% of their output to GoldBod.

The ripple effect was significant: in its first full month of operation, GoldBod generated US$1.17 billion in foreign exchange by exporting more than 11 tonnes of gold.

Bolstering Resilience in Unstable Times

With global markets facing heightened uncertainty and demand for gold surging, Ghana’s gold reserves are assuming a role beyond simple asset accumulation.

As global gold prices broke the US$4,000 per ounce mark in 2025, gold increasingly became a safe-haven asset.

In this environment, GoldBod’s interventions could help stabilize Ghana’s foreign exchange position and moderate pressure on the cedi.

GoldBod’s own narrative frames this as part of Ghana’s “Golden Comeback.” In a recent article, the Board cited US$897.6 million in gold exports in April 2025, reinforcing its intention to transform gold price gains into structural economic benefits.

Quelling Doubts, Facing Challenges

Yet not everyone is convinced. Dr Steve Manteaw, Co-Chair of the Ghana Extractive Industries Transparency Initiative, publicly rejected claims that GoldBod buys gold cheaply. “GoldBod is not buying gold at a discount,” he stated, attributing variations in local prices to foreign exchange movements rather than institutional undercutting.

GoldBod’s critics have also raised concerns about its overlapping roles as regulator, trader, and enforcer, and the potential for conflicts of interest. Some analysts caution that guaranteeing a government buyer could unintentionally create incentives for further environmental degradation.

Still, traditional leadership has shown support for the initiative.

The Asantehene recently commended the CEO for defending Ghana’s interests in the gold sector, framing GoldBod’s mission as one of national stewardship. “We have to be true to ourselves and admit that we have not done a good job of representing and protecting ourselves in the global market,” he asserted.

Looking Ahead

If GoldBod strengthens its governance, maintains pricing discipline, and ensures robust environmental safeguards, Ghana could redefine how resource-rich nations perceive gold: not simply as a mineral to export, but as a strategic asset capable of supporting macroeconomic resilience.

The 37.06-tonne mark is not an end; it is the opening act of a new design for national wealth.