Ghana’s gold holdings have recorded a marginal increase to 19.2 tonnes as of February 2026, up from 18.6 tonnes in December 2025, according to the latest Summary of Economic and Financial Data released by the Bank of Ghana.
The uptick signals a modest recovery following a sharp decline in late 2025 that triggered public debate over the management of the country’s reserve assets.
Data from the central bank shows that gold reserves had risen steadily from 27.2 tonnes in September 2024 to a peak of 37.1 tonnes in September 2025, reflecting an aggressive accumulation strategy.
However, holdings dropped significantly to 18.6 tonnes by December 2025, representing nearly a 50 percent decline from the peak.
The development raised concerns about a potential depletion of Ghana’s gold reserves, but the central bank has maintained that the adjustment reflects a deliberate portfolio rebalancing strategy rather than a loss of national assets.
Governor Johnson Asiama explained that gold had, at one point, accounted for over 40 percent of Ghana’s total international reserves, exceeding the typical 20 to 25 percent benchmark observed among peer economies.
To manage concentration risk and strengthen reserve resilience, the Bank of Ghana converted part of its gold holdings into foreign exchange assets.
According to the Governor, proceeds from the conversion remain within the country’s international reserves and are being actively invested to support reserve growth and improve returns.
He emphasised that the move represents a shift in reserve composition rather than a depletion of national wealth, noting that effective reserve management requires periodic adjustments in response to market conditions and risk exposure.
The central bank says it will continue to monitor developments in its reserve portfolio and make further adjustments in line with international best practices, as it balances stability, liquidity and returns.
