The Bank of Ghana’s gold reserves increased by 4.09% month-on-month to 34.40 tonnes in July 2025.

According to data from the Central Bank, the gold reserves have risen by 8.05% since the beginning of the year to 32.99 tonnes.

It began in 2025 at 30.53 tonnes and increased to 30.62 tonnes on January 31, 2025. It has since been rising month-on-month.

From a little 8.78 tonnes in May 2023, the Central Bank reserves have been rising, contributing significantly to the stability of the cedi in 2025.

The accumulation of the gold reserves has been mainly driven by the Domestic Gold Purchase Programme, a policy initiative designed to strengthen foreign exchange reserves, boost investor confidence, enhance currency stability, and create a more conducive environment for foreign direct investment and economic growth.

The Central Bank said in an earlier communique that “The gold accumulation programme is an essential tool in our efforts to diversify reserve assets, reduce exposure to global financial volatility, and provide the economy with more robust buffers against external shocks”.

The programme aims to leverage these assets to secure more affordable financing options, thus improving short-term foreign exchange liquidity without heavily-dependent on external debt markets.