By Jibril Abdul Mumuni

Accra, May 6, GNA – Ghana’s gold reserves climbed to 31.37 tonnes in April 2025, up from 31.01 tonnes in March and a sharp rise from 8.78 tonnes in May 2023.

New data from the Bank of Ghana attributes this steady increase to ongoing gold purchases aimed at bolstering foreign reserves and enhancing economic stability.

By increasing its gold holdings, the central bank aims to reduce reliance on foreign currencies and diversify national assets.

As one of Africa’s leading gold producers, Ghana has focused on developing the small-scale mining sector.

A key move was the establishment of GoldBod, the regulator overseeing gold sales from small-scale miners.

Further boosting reserves, the Bank of Ghana secured a groundbreaking deal with nine major mining firms, requiring them to allocate 20 percent of their gold output to the domestic market.

This followed lengthy negotiations with companies previously outside the bank’s Domestic Gold Purchasing Programme.

The growing reserves are expected to strengthen Ghana’s defence against external shocks, stabilize the cedi, and attract more foreign investment.

GNA

KAS