Ghana’s gold reserves hit 37.06 tonnes

Ghana’s gold reserves have surged to 37.06 tonnes as of September 2025, marking a 21.3% increase from 30.53 tonnes in January.

This growth is largely credited to the newly established Ghana Gold Board (GoldBod) and its domestic gold purchase strategy.

The Bank of Ghana had just 8.78 tonnes of gold reserves in 2023.

The recent gains are part of a broader effort to use gold not only as a major export but also as a financial buffer to support the cedi and strengthen foreign reserves.

GoldBod was set up in early 2025 under Act 1140 to oversee Ghana’s gold trade, especially from artisanal and small-scale mining (ASM).

The agency is responsible for purchasing, testing, grading, exporting, and regulating gold, while ensuring transparency and traceability in the sector.

By August, gold reserves had already reached a record 36.02 tonnes, with the number climbing even higher in September due to increased domestic purchases.

GoldBod CEO, Sammy Gyamfi ESQ. said the agency is committed to transforming Ghana’s gold industry through responsible sourcing and tighter regulation.

GoldBod has suspended dubious licenses and stepped up compliance to reduce smuggling and illegal trade.

One of the major changes under GoldBod is the increased focus on Ghana’s legal small-scale mining sector. For the first time, gold exports from this sector have surpassed those from large-scale miners.

Finance Minister Cassiel Ato Forson also announced deals with nine additional mining companies to sell 20% of their gold output to GoldBod.

In its first full month of operation, the agency exported over 11 tonnes of gold, generating $1.17 billion in foreign exchange.

With global gold prices reaching over $4,000 per ounce in 2025, Ghana is now using its gold reserves as a strategic asset to protect the economy from global market shocks and ease pressure on the local currency.

GoldBod describes this shift as part of Ghana’s “Golden Comeback,” highlighting the $897.6 million earned from gold exports in April 2025 alone.

Despite the progress, some critics have raised concerns about GoldBod’s dual role as buyer and regulator. Others fear the guaranteed government market could increase environmental damage.

However, figures like Dr. Steve Manteaw of the Extractive Industries Transparency Initiative have defended GoldBod’s pricing, saying gold is not being bought at a discount but at rates adjusted to currency movements.

Traditional leaders have also backed the initiative.

The Asantehene recently praised the GoldBod CEO for protecting Ghana’s interests, saying the country must take charge of its resources more effectively.

If GoldBod can balance its regulatory role, maintain fair pricing, and ensure environmental protections, Ghana may redefine how gold is viewed—not just as a resource to export, but as a tool for long-term economic stability.

The 37.06-tonne milestone signals the beginning of a new era in Ghana’s gold management.

Story by: Joshua Kwabena Smith