The Bank of Ghana reports that Ghana’s gold holdings fell to 18.6 tonnes at the end of December 2025. This was made known in the Bank of Ghana’s Summary of Economic and Financial Data released on January 28, 2026.
This accounts for a 51.1 percent reduction from the 38.04 tonnes recorded in October 2025. The reduction in tonnage comes after a phase in which the central bank prioritised disinflation, as seen in the final quarter of 2025, where the bank leveraged its stronger reserve position to inject foreign exchange into the interbank market.
The intervention helped to reduce inflation, with year-end inflation falling to 5.4 per cent. However, this appears to have come with a reduction in physical gold holdings.
Even with the decline, current gold reserves are still higher than the 8.78 tonnes recorded in early 2023. The sharp drop in late 2025 shows how gold is used both as a long-term store of value and as a short-term tool to stabilise the economy.
The fall in holdings comes as the Ghana Gold Board (GoldBod) prepares to take full control of the domestic gold trade in 2026. GoldBod reported over US$10 billion in revenue from artisanal and small-scale mining in 2025, although questions remain about the efficiency of the central bank’s gold trading model.
At current market prices, Ghana’s remaining 18.6 tonnes of gold, about 597,992 troy ounces, are worth an estimated US$3.16 billion. Although the Bank of Ghana gained value from the gold it sold in late 2025, the lower stock means it now benefits less from the ongoing rise in gold prices.
The Governor, Dr Johnson Asiama, has told Parliament that the Gold-for-Oil programme remains suspended while an external audit is carried out, after reported losses of GH¢2.43 billion.
Looking ahead, the 2026 plan will focus on improving the Gold-for-Reserves initiative. Under this approach, GoldBod will operate as a separate body to reduce the central bank’s risk from trading physical commodities.
Analysts say rebuilding the reserves will depend on GoldBod’s ability to set prices that meet IMF requirements while remaining fair to local miners, in a global market where gold prices continue to rise.