Ghana’s gold holdings have fallen from 37.1 tonnes to 18.6 tonnes between September and December 2025. But the decline according to the Bank of Ghana (BoG) is not a loss of national assets but an adjustment following a deliberate and prudent reserve management strategy.
Governor, Dr. Johnson Asiama explains that at a point, gold accounted for more than 40 percent of Ghana’s total international reserves, significantly higher than the 20 to 25 percent benchmark observed among many peer economies.
Therefore, to reduce concentration risk and strengthen overall reserve resilience, the Central Bank took a decision to rebalance the portfolio by converting part of the gold holdings into foreign exchange.
He adds that, the proceeds from the conversion remain fully within Ghana’s international reserves and are being actively invested to support reserve accumulation and generate returns.
This the Governor clarifies, is a shift in the composition of reserves rather than a depletion of national wealth, noting that effective reserve management requires periodic adjustments in response to market conditions and risk exposures.
The Bank of Ghana, he assured, continues to closely monitor reserve developments and will make further adjustments when necessary, in line with international best practice.
The Governor encouraged the public and market participants to consult the full Monetary Policy Committee press briefing for a broader context on the decision and the Central Bank’s overall reserve strategy.
Bank of Ghana hints at rebalancing foreign reserves with partial gold divestment
In December 2025, the Bank of Ghana, in a Monetary Policy FAQs, announced that it was undertaking a strategic rebalancing of its total foreign reserves, which includes a partial divestment of its gold holdings.
It was part art of the Bank’s broader strategic asset allocation framework, aimed at aligning the composition of reserves with long-term objectives.
By adjusting its exposure, the Bank sought to reduce vulnerability to gold price volatility, thereby minimising the need for active hedging within its defined risk parameters.
While the Bank maintained an informed view of global gold price trends, it stressed that its approach is not speculative so that decisions on reserve composition are guided by long-term stability and financial resilience rather than short-term market fluctuations.
The rebalancing was to improve Ghana’s external reserve management efficiency while maintaining confidence in the country’s monetary framework amid global commodity price uncertainties.
