BoG Gold reserves surge to 34.4 tonnes in July

The Bank of Ghana’s gold reserves stood at 34.40 tonnes at the end of July 2025, up from 32.99 tonnes in June. This 1.41 tonne increase is the largest monthly gain since October 2024 and continues a steady accumulation trend that began in earnest in 2023.

At current world prices of about US $3,400 per troy ounce, the central bank’s holdings are worth roughly $3.77 billion. In May 2023, when reserves stood at 8.78 tonnes, the value at that month’s average gold price of about $1,980 per troy ounce was approximately $559 million.

Holdings have been boosted by the Domestic Gold Purchase Programme and additional supplies through the Ghana Gold Board (GoldBod). The bank sources gold domestically in cedis, helping conserve foreign exchange while diversifying the country’s reserves.

By increasing its bullion holdings, the Bank of Ghana aims to strengthen its reserve position, reduce reliance on the US dollar in key transactions, and provide a hedge against currency volatility and inflation. Since the start of 2025, gold reserves have risen by 3.78 tonnes, and if the current pace continues, total holdings could exceed 36 tonnes by year end.

Source: https://www.ceditalk.com/