Gold reserves decline to 18.6 tonnes in Dec. ‘25

…as gold touches US$5,300 in Jan ‘26

The Bank of Ghana’s gold holdings fell to 18.6 tonnes at the end of December 2025, according to the Summary of Economic and Financial Data released on January 28, 2026.

The development marks a more than reduction from the 38.04 tonnes recorded in October 2025.

The data suggests a pivot in how the central bank utilises its gold-backed assets. After a year of aggressive accumulation under the Domestic Gold Purchase Programme (DGPP), the bank appears to have deployed its bullion to support the cedi and manage domestic liquidity.

The decline in tonnage follows a period where the central bank has focused on disinflation. In the final quarter of 2025, the Bank of Ghana (BoG) used its increased reserve position to supply foreign exchange to the interbank market.

This intervention is credited with helping bring year-end inflation down to 5.4 percent, though it appears to have come at the expense of physical gold stocks.

The current holdings remain higher than the 8.78 tonnes held in early 2023, but marked drop in late 2025 highlights the dual role of the metal, which continues to act as a long-term store of value and a liquid tool for short-term economic stabilisation.

The reduction in holdings comes as the Ghana Gold Board (GoldBod) prepares to assume full operational control of the domestic gold trade in 2026. GoldBod reported over $10 billion in revenue from artisanal and small-scale mining (ASM) in 2025, but the central bank has faced questions over the financial efficiency of the trading model.

In its 2025 review, the International Monetary Fund (IMF) identified US$214 million in “quasi-fiscal” losses related to trading margins and operational fees within the gold programmes.

The Fund has recommended that these costs be moved to the national budget rather than sitting on the BoG’s balance sheet.

During the December 2025 review, the Fund noted that the primary objective of the gold-for-reserves initiative is to provide a buffer.

For this reason, it said accounting transparency is necessary to ensure the operations do not undermine the central bank’s capital base.

The decision to reduce holdings occurred during a historic surge in global gold prices. As of January 28, 2026, the spot price of gold reached a record high of US$5,289.38 per ounce.

At the current market rate, Ghana’s remaining 18.6 tonnes of gold (approximately 597,992 troy ounces) is valued at roughly US$3.16 billion. While the BoG realised significant value for the gold it deployed in late 2025, the lower tonnage means the bank currently has less exposure to the ongoing rally in precious metals.

Governor Dr. Johnson Asiama recently informed Parliament that the ‘Gold-for-Oil’ component remains suspended pending an external audit, following reported losses of GH¢2.43 billion.

The 2026 strategy will focus on refining the ‘Gold-for-Reserves”’ initiative, with GoldBod acting as a separate entity to insulate the central bank from the volatility of physical commodity trading.

Analysts say the bank’s ability to rebuild these reserves will depend on whether GoldBod can maintain a pricing structure that satisfies both the IMF and local miners while navigating an increasingly expensive global market.

The post Gold reserves decline to 18.6 tonnes in Dec. ‘25 appeared first on The Business & Financial Times.

Read Full Story