Ghana’s Gold Reserves Edge Up to 19.2 Tonnes After Sharp 2025 Drop

Ghana’s gold reserves have recorded a slight rebound, rising to 19.2 tonnes in February 2026 from 18.6 tonnes in December 2025, according to the latest Summary of Economic and Financial Data released by the Bank of Ghana.

The modest increase signals a gradual recovery after a steep decline in late 2025 that sparked widespread public concern over the management of the country’s reserve assets.

Data from the central bank shows that Ghana’s gold holdings had followed a strong upward trajectory, climbing from 27.2 tonnes in September 2024 to a peak of 37.1 tonnes in September 2025. The surge reflected an aggressive gold accumulation strategy aimed at strengthening the country’s reserve position.

However, the trend reversed sharply, with reserves plunging to 18.6 tonnes by December 2025—nearly a 50 percent drop from the peak. The sudden fall fueled debate about whether the country’s gold assets were being depleted.

The Bank of Ghana has since clarified that the decline was not due to a loss of assets but rather a strategic rebalancing of its reserve portfolio.

Governor Johnson Asiama explained that gold had grown to account for more than 40 percent of Ghana’s total international reserves at one point—well above the typical 20 to 25 percent range seen in comparable economies.

To reduce exposure and manage concentration risk, the central bank converted part of its gold holdings into foreign exchange assets. According to the Governor, the proceeds from this conversion remain within Ghana’s international reserves and are being actively invested to enhance returns and support overall reserve growth.

He emphasized that the move represents a shift in asset composition rather than a depletion of national wealth, noting that effective reserve management requires periodic adjustments in response to changing market conditions and risk levels.

The central bank added that it will continue to closely monitor its reserve portfolio and make necessary adjustments in line with global best practices, as it seeks to balance stability, liquidity, and returns.