Ghana’s official gold reserves continue their steady upward trajectory, reaching 31.37 tonnes by the end of April 2025, according to data from the Bank of Ghana.
This marks a substantial increase from 8.78 tonnes recorded in May 2023—nearly a fourfold rise in less than two years. The growth reflects the central bank’s ongoing strategy to bolster foreign reserves and enhance financial stability through increased gold accumulation.
The rise in reserves is part of a broader plan by the Bank of Ghana to diversify its asset holdings and reduce reliance on traditional foreign currencies.
As Africa’s top gold producer, Ghana has taken steps to formalise its small-scale mining sector and channel more of its gold output into national development.
To support this effort, President John Dramani Mahama, upon assuming office, established the GoldBod—a regulatory body tasked with overseeing the sale of gold produced by small-scale miners.
Since its creation, GoldBod has played a pivotal role in boosting local gold reserves. Notably, it negotiated a landmark agreement with nine large-scale mining firms to sell 20% of their gold output to the domestic market.
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
Earl International Group (GH) Limited
Xtra Gold Mining Limited
Prestea Sankofa Gold Limited
Gan He Mining Resource Development Limited
The deal represents a significant step toward strengthening Ghana’s domestic gold reserves and insulating the economy from external shocks.
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