The balance sheet of the Bank of Ghana expanded in March 2026, driven largely by stronger foreign asset holdings, increased gold reserves and a sharp rise in investments in foreign securities.
According to the Central Bank’s latest Monthly Statistical Bulletin, total assets climbed to GH¢321.38 billion in March 2026, up from GH¢310.58 billion in February.
This represents a month-on-month increase of GH¢10.8 billion, or 3.5%, highlighting a continued strengthening of the Bank’s asset position.
On an annual basis, total assets grew by GH¢7.98 billion from GH¢313.40 billion recorded in March 2025, representing year-on-year growth of 2.6%.
Foreign assets drive balance sheet growth
A closer look at the figures shows that the expansion was largely driven by a rebound in foreign assets, which increased significantly during the month.
Foreign assets rose to GH¢128.0 billion in March 2026 from GH¢109.48 billion in February, representing an increase of GH¢18.52 billion or nearly 17% within a single month.
Although the latest figure remains marginally below the GH¢129.73 billion recorded in March 2025, the sharp monthly increase signals a strong recovery in the composition of the central bank’s external asset portfolio.
The rise comes at a time when Ghana has continued to strengthen its external reserves position, supported by improved foreign exchange inflows, gold accumulation and stronger macroeconomic conditions.
Foreign securities record strongest growth
The most significant movement within the foreign asset portfolio came from foreign securities holdings.
The value of foreign securities held by the Bank of Ghana rose to GH¢81.56 billion in March 2026, compared with GH¢65.98 billion in February and GH¢48.52 billion in January.
This means foreign securities have expanded by more than GH¢33 billion within the first quarter of 2026, making them one of the fastest-growing components of the central bank’s balance sheet.
The increase suggests a strategic strengthening of reserve assets through investments in foreign-denominated financial instruments, which typically provide liquidity, diversification and income generation for central banks.
The growth in foreign securities also reflects improving reserve management conditions and greater flexibility in the central bank’s external asset allocation strategy.
Gold continues to play strategic role
The latest figures also reinforce the growing importance of gold within Ghana’s reserve management framework.
Over the past two years, the Bank of Ghana has steadily increased its gold holdings through domestic gold purchase programmes aimed at diversifying reserve assets and reducing reliance on traditional foreign currency reserves.
The continued rise in gold-backed assets has provided an important buffer against exchange rate volatility and external shocks, particularly during periods of global economic uncertainty.
Together with higher foreign securities and stronger foreign currency balances, gold remains a key pillar supporting the resilience of the Bank’s balance sheet.
What it means for the economy
The expansion in the Bank of Ghana’s asset base comes at a time when Ghana’s macroeconomic indicators are showing signs of improvement following the completion of the country’s IMF-supported reform programme.
A stronger central bank balance sheet generally enhances confidence in the country’s monetary and external sector position.
It also strengthens the Bank’s capacity to manage liquidity, support exchange rate stability and respond to potential external shocks.
The latest data further suggests that Ghana’s reserve accumulation efforts are gaining traction, supported by stronger foreign asset holdings and a more diversified reserve portfolio.
For investors and market participants, the growth in the central bank’s assets provides another indication of improving economic fundamentals as Ghana seeks to consolidate recent gains in inflation control, exchange rate stability and external sector performance.
