BoG assets rise to GH¢321.4bn as foreign reserves and Gold holdings strengthen balance sheet
The balance sheet of the Bank of Ghana (BoG) recorded strong growth in March 2026, driven by a sharp increase in foreign assets, higher investments in foreign securities, and continued expansion of its gold reserves.
According to the Central Bank’s latest Monthly Statistical Bulletin, total assets rose to GH¢321.38 billion in March 2026 from GH¢310.58 billion in February, representing a month-on-month increase of GH¢10.8 billion or 3.5%.
On an annual basis, total assets increased by GH¢7.98 billion from GH¢313.40 billion recorded in March 2025, reflecting year-on-year growth of 2.6%.
The expansion was largely supported by a significant rise in foreign assets, which climbed to GH¢128.0 billion in March from GH¢109.48 billion in February. The increase of GH¢18.52 billion represents nearly 17% growth within a single month.
While slightly below the GH¢129.73 billion recorded during the same period last year, the latest figures indicate a strong improvement in the Bank’s external asset position.
A key contributor to the growth in foreign assets was the substantial increase in holdings of foreign securities. Investments in foreign securities rose to GH¢81.56 billion in March, up from GH¢65.98 billion in February and GH¢48.52 billion in January.
This means the value of foreign securities held by the Central Bank increased by more than GH¢33 billion during the first quarter of 2026, making it one of the fastest-growing components of the Bank’s asset portfolio.
The rise reflects the Bank’s strategy of investing in foreign-denominated financial instruments to enhance liquidity, diversify reserve assets, and generate returns.
Gold reserves also continued to bolster the Central Bank’s balance sheet. In recent years, the Bank of Ghana has intensified its gold accumulation programme as part of efforts to diversify reserve holdings and reduce reliance on traditional foreign currency assets.
The Central Bank noted that stronger foreign asset holdings, increased investments in foreign securities, and growing gold reserves have collectively enhanced the resilience of its balance sheet.
The latest data comes amid ongoing improvements in Ghana’s external sector, supported by stronger foreign exchange inflows and broader macroeconomic stability.
Analysts say a stronger balance sheet improves the Bank’s capacity to manage liquidity, support exchange-rate stability, and respond effectively to external economic shocks. It also strengthens investor confidence in Ghana’s monetary and external-sector outlook.
The March figures further underscore progress in Ghana’s reserve accumulation efforts and the diversification of its reserve portfolio, supporting the country’s broader goals of sustaining inflation moderation, exchange-rate stability, and economic growth.
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