Ghana’s Gold reserves rise to 19.2 Tonnes following BoG Portfolio rebalancing

Ghana’s gold reserves have edged up slightly to 19.2 tonnes as of February 2026, up from 18.6 tonnes in December 2025, according to the Bank of Ghana’s latest Summary of Economic and Financial Data.

The modest increase follows a sharp decline in late 2025 that sparked public discussion over the management of the country’s reserve assets. Data from the central bank shows that gold holdings had risen steadily from 27.2 tonnes in September 2024 to a peak of 37.1 tonnes in September 2025, reflecting an aggressive accumulation strategy. However, by December 2025, reserves had fallen to 18.6 tonnes—a nearly 50 percent drop from the peak.

Despite concerns about a potential depletion of the nation’s gold reserves, the Bank of Ghana has clarified that the reduction was part of a deliberate portfolio rebalancing strategy rather than a loss of national assets.

Governor Johnson Asiama explained that at one point, gold accounted for over 40 percent of Ghana’s total international reserves, well above the 20 to 25 percent benchmark typical among peer economies. To manage concentration risk and strengthen reserve resilience, the central bank converted part of its gold holdings into foreign exchange assets.

“The proceeds from these conversions remain within the country’s international reserves and are actively invested to support growth and improve returns,” Governor Asiama noted. He emphasised that the adjustment represents a shift in reserve composition rather than a depletion of national wealth, highlighting the need for periodic rebalancing to respond to market conditions and manage risk.

The Bank of Ghana said it will continue to monitor its reserve portfolio closely and make further adjustments as necessary, in line with international best practices, while balancing stability, liquidity, and returns.