The Bank of Ghana’s gold holdings declined sharply in the final quarter of 2025, falling to 18.6 tonnes at the end of December from 37.1 tonnes in September, according to official data released on January 28, 2026.
The figures, contained in the central bank’s Summary of Economic and Financial Data for the period ending January 2026 show the steep drawdown occurred during a period of rising global bullion prices, with gold crossing the $5,000 per ounce mark on the international market.
Despite the reduction in official reserves, gold exports reached $21.0 billion as at December 2025, accounting for over two-thirds of Ghana’s total export receipts of $31.1 billion, underscoring the metal’s continued dominance in the country’s external trade.
The data suggests a change in the utilisation of gold accumulated under the Domestic Gold Purchase Programme (DGPP), which had driven a significant build-up in reserves over the past year.
The drawdown may reflect efforts by the central bank to support the Ghana Cedi and manage domestic liquidity conditions, amid broader macroeconomic adjustments.
Even after the decline, gold holdings remain above the 8.78 tonnes recorded in early 2023, though the scale of the late-2025 movement highlights the role of gold not only as a long-term reserve asset, but also as a liquid instrument in short-term economic management.
