Omanghana
The Bank of Ghana has undertaken a strategic portfolio rebalancing exercise by converting part of its gold reserves into foreign exchange assets as part of efforts to strengthen the country’s financial stability.
According to the Governor of the central bank, Johnson Pandit Asiama, the move is a routine reserve management strategy designed to reduce concentration risk and ensure that Ghana’s national reserves remain liquid, diversified, and readily available for economic needs.
The decision follows a rapid increase in the country’s gold holdings in recent years. Ghana’s reserves grew from about 8.7 tonnes in 2021 to more than 40 tonnes by October 2025. With gold now forming a larger share of the reserve portfolio, the central bank moved to rebalance by converting some of the holdings into foreign currency assets.
Officials explained that this conversion improves liquidity and gives the central bank greater capacity to stabilize the foreign exchange market and support the financing of essential imports when necessary.
The rebalancing also allowed the bank to benefit from strong global gold prices. Between January and October 2025, the international price of gold rose by about 62 percent, enabling the Bank of Ghana to capture additional value for the country’s reserve portfolio.
By the end of 2025, Ghana’s gross international reserves had reached approximately $13.8 billion, providing the country with about 5.7 months of import cover.
The improved reserve position comes as inflation has dropped sharply in the country. Consumer inflation fell from 23.8 percent at the end of 2024 to about 3.3 percent by February 2026, indicating increased macroeconomic stability.
Meanwhile, several reforms have been introduced in Ghana’s gold sector. The government suspended the Gold-for-Oil Programme in May 2025 and has launched an external audit following reports of financial losses linked to the initiative.
In 2026, a new state-run body known as GoldBod took full operational control of gold purchasing and exports in an effort to centralize the sector and increase national revenue. Authorities believe the agency could generate as much as $12 billion in revenue this year.
Additionally, the government introduced a new sliding-scale royalty regime that took effect on March 10, 2026. Under the policy, royalty payments from gold producers can rise to as high as 12 percent when global gold prices exceed $4,500 per ounce.
Source: Omanghana
