BoG assets increase to GH¢321.4 billion on strong foreign reserves, gold holdings
The Bank of Ghana's balance sheet recorded significant growth in March 2026, supported by increased foreign asset holdings, higher investments in foreign securities and continued growth in gold reserves.
The Central Bank's latest Monthly Statistical Bulletin shows that total assets increased to GH¢321.38 billion in March 2026 from GH¢310.58 billion in February, representing a month-on-month increase of GH¢10.8 billion or 3.5 percent.
Compared with the same period in 2025, total assets rose by GH¢7.98 billion from GH¢313.40 billion, reflecting annual growth of 2.6 percent.
The expansion was largely driven by a sharp increase in foreign assets, which climbed from GH¢109.48 billion in February to GH¢128.0 billion in March. This represents a rise of GH¢18.52 billion, equivalent to nearly 17 percent within a single month.
Although the March 2026 figure remains slightly below the GH¢129.73 billion recorded in March 2025, the latest increase points to a strong recovery in the Bank's external asset position.
Analysts attribute the improvement to stronger foreign exchange inflows, increased gold accumulation and improving macroeconomic conditions that have strengthened Ghana's reserve position.
One of the most notable developments was the growth in the Bank's holdings of foreign securities. Investments in foreign securities rose to GH¢81.56 billion in March 2026, up from GH¢65.98 billion in February and GH¢48.52 billion in January.
The figures indicate that foreign securities expanded by more than GH¢33 billion during the first quarter of 2026, making them one of the fastest growing components of the Bank's asset portfolio.
The increase reflects efforts to strengthen reserve assets through investments in foreign financial instruments that provide liquidity, diversification and additional income opportunities.
The latest data also highlights the growing role of gold in Ghana's reserve management strategy. Over the past two years, the Bank of Ghana has steadily increased its gold holdings through domestic gold purchase programmes designed to diversify reserves and reduce dependence on traditional foreign currency assets.
The accumulation of gold has helped provide a buffer against exchange rate volatility and external economic shocks while enhancing the resilience of the country's reserve portfolio.
Combined with rising foreign securities and stronger foreign currency assets, gold continues to serve as a key pillar of the Bank's reserve management framework.
The growth in the Bank's asset base comes amid signs of improving economic conditions following Ghana's implementation of reforms under the International Monetary Fund-supported programme.
A stronger central bank balance sheet is generally viewed as a positive indicator of economic stability, strengthening confidence in the country's monetary and external sector management.
It also enhances the Bank's ability to manage liquidity conditions, support exchange rate stability and respond effectively to potential external risks.
The latest figures suggest that Ghana's efforts to build reserves and diversify its asset portfolio are yielding results, providing additional support for broader economic recovery and stability.
For investors and market observers, the increase in the Bank of Ghana's assets offers further evidence of improving economic fundamentals as the country seeks to consolidate gains in inflation management, exchange rate stability and external sector performance.