Ghana’s gold reserves have inched up to 19.2 tonnes as of February 2026, according to the latest Summary of Economic and Financial Data released by the Bank of Ghana (BoG).
The increase from 18.6 tonnes recorded in December 2025 marks a modest recovery after a sharp drop late last year that sparked public concern about the country’s reserve management.
Data from the central bank shows that gold accumulation had been on a strong upward trajectory, rising from 27.2 tonnes in September 2024 to a peak of 37.1 tonnes by September 2025. However, reserves fell significantly by nearly half to 18.6 tonnes in December, prompting debate over whether Ghana’s gold assets were being depleted.
Addressing the concerns, BoG Governor Dr. Johnson Asiama explained that the decline was the result of a deliberate rebalancing strategy rather than a loss of national wealth.
He noted that at one point, gold made up more than 40 percent of Ghana’s total international reserves—well above the typical 20 to 25 percent range seen in comparable economies. To reduce exposure and manage risk, the central bank converted part of its gold holdings into foreign exchange assets.
According to the Governor, the proceeds from these transactions remain within Ghana’s reserves and are being actively invested to enhance liquidity, stability, and returns.
The BoG maintains that such adjustments are standard practice in reserve management, allowing central banks to respond to changing global market conditions while maintaining a balanced portfolio.
Going forward, the central bank says it will continue to monitor its reserve composition and make strategic changes where necessary, as it works to strengthen Ghana’s external buffers and align with international best practices.
Source: Africa Publicity
