Ghana’s gold holdings declined sharply from 37.1 tonnes to 18.6 tonnes between September and December 2025, but the Bank of Ghana (BoG) insists the move does not represent a loss of national wealth.

According to the Governor of the Central Bank, Dr Johnson Asiama, the reduction forms part of a deliberate and prudent reserve management strategy aimed at strengthening the country’s foreign reserve position.

He explained that at a point, gold made up more than 40 per cent of Ghana’s total international reserves — far above the 20 to 25 per cent range typically maintained by peer economies.

“To reduce concentration risk and enhance overall reserve resilience, the Bank took a strategic decision to rebalance the portfolio by converting part of the gold holdings into foreign exchange,” Dr Asiama said.

He stressed that the proceeds from the gold conversion remain fully within Ghana’s international reserves and are actively invested to support reserve accumulation and generate returns.

“This is a shift in the composition of reserves, not a depletion of national assets,” the Governor clarified, noting that effective reserve management requires periodic adjustments in response to market risks and global conditions.

Dr Asiama assured that the BoG continues to closely monitor reserve trends and will make further adjustments when necessary, in line with international best practices.

He encouraged the public and market watchers to refer to the full Monetary Policy Committee (MPC) press briefing for a broader explanation of the Central Bank’s reserve strategy.

BoG Earlier Signalled Partial Gold Divestment


In December 2025, the Bank of Ghana had already hinted at a strategic rebalancing of its foreign reserves in its Monetary Policy FAQs, announcing plans for a partial divestment of gold holdings.

The move, the Bank said, forms part of a broader asset allocation framework designed to align reserves with long-term financial stability goals.

By reducing heavy exposure to gold, the BoG aimed to minimise vulnerability to price volatility and lower the need for active hedging within its risk management parameters.

The Central Bank emphasised that its approach is not driven by short-term speculation but guided by long-term resilience and stability.

The rebalancing, it added, is intended to improve efficiency in external reserve management while maintaining confidence in Ghana’s monetary framework amid global commodity price uncertainties.