The central bank has hit a new milestone in its gold accumulation drive, with reserves surging to 37.06 tonnes as of September 2025, representing a 21
The central bank has hit a new milestone in its gold accumulation drive, with reserves surging to 37.06 tonnes as of September 2025, representing a 21.3% increase since the start of the year, according to official data from the Bank of Ghana (BoG).
The figures mark one of the most significant growth rates in Ghana’s recent monetary history, underscoring the success of the Domestic Gold Purchase Programme (DGPP) — a strategic policy launched in 2021 to strengthen the nation’s foreign reserves and stabilize the cedi amid global economic uncertainty.
A Year of Steady Growth
At the start of 2025, the BoG’s gold holdings stood at 30.53 tonnes, inching up slightly to 30.62 tonnes by the end of January.
Since then, the reserves have climbed consistently each month — moving from 36.02 tonnes in August to the current 37.06 tonnes in September.
The central bank attributes this sustained growth to a deliberate policy of direct domestic gold purchases from small- and large-scale miners, a measure that reduces Ghana’s dependence on imported foreign currency to settle trade balances.
Strengthening The Cedi
Launched under the leadership of Governor Dr. Ernest Addison, the Domestic Gold Purchase Programme aims to build a stronger foundation for Ghana’s macroeconomic stability.
The initiative was designed to diversify the reserve assets, limit exposure to volatile global financial markets, and create buffers against external shocks such as fluctuating commodity prices or rising global interest rates.
In an earlier statement, the BoG emphasized that “the gold accumulation programme is an essential tool in our efforts to diversify reserve assets, reduce exposure to global financial volatility, and provide the economy with more robust buffers against external shocks.”
Analysts say the policy has also been instrumental in improving investor confidence, particularly during a period when Ghana continues to restructure its external debt under the International Monetary Fund (IMF) programme.
A stronger gold reserve positions the country to negotiate better terms in international finance and secure cheaper lines of credit.
The Domestic Gold Purchase Programme
The Domestic Gold Purchase Programme was first rolled out in June 2021 at a time when the Ghanaian cedi was under severe pressure and the country’s external reserves were being rapidly depleted.
The initiative sought to leverage the position as Africa’s largest gold producer to shore up foreign reserves through direct gold purchases.
By building reserves in gold rather than relying solely on foreign currencies like the US dollar, Ghana has been able to mitigate exchange rate pressures, improve foreign exchange liquidity, and reduce dependence on external debt markets.
Under the policy, gold produced in Ghana — particularly by licensed small-scale miners — is purchased domestically by the BoG through certified aggregators.
The gold is then added to the country’s reserves or used in gold-for-oil and gold-for-debt swap arrangements to stabilize key sectors.
Implications for the Economy
Economists say the rise in gold reserves sends a strong signal to the market that Ghana is taking concrete steps to rebuild confidence in its currency and fiscal framework.
A well-capitalized reserve, they argue, gives the central bank more flexibility to manage foreign exchange volatility and to intervene in the market when necessary.
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