Ghana’s gold reserves surged to an unprecedented 34.40 tonnes in July, marking a 12.3% jump since January, the Bank of Ghana confirmed today.
This milestone caps a remarkable two-year climb from just 8.78 tonnes in May 2023, reflecting sustained strategic efforts to bolster national assets.
Reserves had already doubled by December 2023, reaching 19.50 tonnes, before steadily climbing through 2024 and into this year.
The acceleration is largely credited to the Ghana Gold Board (GoldBod), established in March 2025 to centralize gold purchasing and export from licensed small-scale miners.
By eliminating middlemen and streamlining trade under one authority, GoldBod has significantly curbed smuggling and ensured a reliable flow of bullion directly to the central bank. This centralized approach has injected much-needed transparency and efficiency into the sector.
The tangible growth in physical reserves has delivered concrete economic benefits. It’s been a key driver behind the cedi’s impressive over 40% appreciation against major currencies this year.
Market confidence in Ghana’s currency has strengthened, foreign exchange liquidity has improved, and the Bank of Ghana has successfully increased import cover to a healthier four months. What does this mean for everyday Ghanaians? Greater stability in prices and a stronger economic buffer.
Gold remains Ghana’s top export earner. Revenue hit $8.39 billion in the first half of 2025, up from $7.73 billion a year earlier, forming a major part of total exports worth $13.79 billion.
This rise in export income, combined with the swelling gold stockpile, has markedly strengthened Ghana’s overall external position. Can the momentum hold? Analysts are watching GoldBod’s next moves closely.
