BoG gold holdings halved to 18.6 tonnes, but prices keep valuation at $2.68bn

Latest data from the Bank of Ghana (BoG) shows a sharp contrast between the physical quantity of the country’s gold reserves and their monetary worth, as rising global prices cushion the impact of declining holdings.

Figures from the January 2026 Summary of Economic and Financial Data indicate that Ghana’s gold reserves fell to 18.6 tonnes at the end of December 2025, the lowest level recorded in nearly two years. This marks a steep drop from the 37.1 tonnes peak recorded in June 2025 and a significant year-on-year decline from 30.5 tonnes in December 2024.

Despite the reduction in physical holdings, the value of Ghana’s gold reserves remained resilient. As of December 2025, the total value of gold held by the central bank stood at US$2.68 billion, up from US$2.62 billion a year earlier.

In effect, the smaller volume of gold held at the end of 2025 was worth US$60.9 million more than the larger stock recorded in December 2024.

Analysts attribute this valuation paradox to record highs in international gold prices. The price of gold rose from US$2,641.5 per fine ounce in December 2024 to US$4,316.3 per fine ounce by December 2025, representing a 63.4 per cent year-to-date increase.

The data underscores how global commodity price movements continue to play a critical role in shaping the value of Ghana’s external reserves, even amid significant shifts in physical asset holdings.