Bank of Ghana (BoG) data has estimated Ghana’s gold reserves at 38.04 tonnes as at October 31, 2025.
The remarkable development which shows a 35% increase from the 28.1 tonnes recorded in October 2024, underscoring continued growth in the nation’s official gold holdings, has placed Ghana at the 6th position globally – with the continent’s largest gold deposits – while taking the lead in Africa, according to World Gold Council’s 2025 Gold Demand Trends report.
Globally, China (380.2 tonnes) tops the list of the largest gold-producing countries in the world. The report attributed the country’s performance to concerted investment and improved artisanal mining regulation.
The Ghana Chamber of Mines indicates that, gold represents about 40% of total export earnings, driving much of Ghana’s restored economic stability.
The central bank’s data shows that Ghana added 7.51 tonnes of gold between January and October this year, reflecting strong monthly accumulation rates of over 4% during some periods. Accordingly, the BoG attributes the steady build-up to its Domestic Gold Purchase Programme, launched in June 2021, which allows the Bank to buy gold directly from local mining companies using cedis.
The initiative is designed to diversify Ghana’s reserve portfolio, reduce dependence on the US dollar, and enhance the central bank’s resilience against global financial shocks.
Consequently, analysts have indicated that the continued accumulation of gold reserves is expected to boost investor confidence, strengthen the BoG’s capacity to defend the cedi, and help curb speculative pressures in the foreign exchange market.
With the current pace, Ghana is positioning itself as Africa’s emerging example of how strategic reserve diversification can enhance monetary stability and economic resilience.
On the global stage, the World Gold Council’s 2025 Gold Demand Trends estimates that China produces about 10% of the global gold, with its mining sector led by state-owned giants, China National Gold Group and Shandong Gold.
Russia places second with total gold deposits of 330 tonnes with vast proportions of its gold reserves concentrated in Siberia and the Far East.
Australia (284 tonnes), Canada (202.1 tonnes) and the United States of America (158.0 tonnes) placed 3rd, 4th and 5th positions respectively.
By Adnan Adams Mohammed
