Ghana’s gold reserves edge up to 19.2 tonnes amid strategic rebalancing
Ghana’s gold reserves have recorded a slight rebound, rising to 19.2 tonnes in February 2026 from 18.6 tonnes in December 2025, according to the latest Summary of Economic and Financial Data released by the Bank of Ghana.
The marginal increase signals a cautious recovery after a sharp drop in late 2025 that sparked widespread debate over the management of the country’s reserve assets.
Central bank data shows that gold holdings had grown steadily from 27.2 tonnes in September 2024 to a peak of 37.1 tonnes in September 2025, reflecting an aggressive accumulation drive. However, reserves plunged to 18.6 tonnes by December 2025, marking a decline of nearly 50 percent from the peak.
The sharp contraction raised concerns about a possible depletion of Ghana’s gold reserves, but the Bank of Ghana has consistently maintained that the shift was the result of a deliberate portfolio rebalancing strategy rather than a loss of national assets.
Governor Johnson Asiama explained that gold holdings had risen to more than 40 percent of total international reserves, significantly above the typical 20 to 25 percent range seen in comparable economies.
To reduce concentration risk and strengthen the resilience of the reserve portfolio, the central bank converted part of its gold holdings into foreign exchange assets.
According to the Governor, the proceeds from this conversion remain within Ghana’s international reserves and are being actively invested to support growth and improve returns. He stressed that the move represents a change in the composition of reserves rather than a depletion of national wealth.
The central bank noted that effective reserve management requires periodic adjustments in response to evolving market conditions and risk exposure. It added that it will continue to monitor its reserve portfolio and make further changes in line with international best practices, balancing stability, liquidity and returns.