Ghanaโs official gold reserves continue their steady upward trajectory, reaching 31.37 tonnes by the end of April 2025, according to data from the Bank of Ghana.
This marks a substantial increase from 8.78 tonnes recorded in May 2023โnearly a fourfold rise in less than two years. The growth reflects the central bankโs ongoing strategy to bolster foreign reserves and enhance financial stability through increased gold accumulation.
The rise in reserves is part of a broader plan by the Bank of Ghana to diversify its asset holdings and reduce reliance on traditional foreign currencies.
As Africaโs top gold producer, Ghana has taken steps to formalise its small-scale mining sector and channel more of its gold output into national development.
To support this effort, President John Dramani Mahama, upon assuming office, established the GoldBodโa regulatory body tasked with overseeing the sale of gold produced by small-scale miners.
Since its creation, GoldBod has played a pivotal role in boosting local gold reserves. Notably, it negotiated a landmark agreement with nine large-scale mining firms to sell 20% of their gold output to the domestic market.
This breakthrough agreement followed extensive talks with mining companies not previously involved in the Bank of Ghanaโs Domestic Gold Purchase Programme. The companies include:
- Golden Team Mining Company Limited
- Akroma Gold Limited
- Adamus Resources Limited
- Cardinal Namdini Mining Limited
- Goldstone Akrokeri Limited
- Earl International Group (GH) Limited
- Xtra Gold Mining Limited
- Prestea Sankofa Gold Limited
- Gan He Mining Resource Development Limited
The deal represents a significant step toward strengthening Ghanaโs domestic gold reserves and insulating the economy from external shocks.
Source | Citinewsroom
