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The Bank of Ghana has rebalanced the composition of its gold reserves as part of efforts to strengthen the resilience and usability of the country’s international reserves.
According to the central bank, the move aligns with international reserve management practices and supports broader policy efforts aimed at stabilising inflation, maintaining exchange rate stability, and safeguarding the financial system.
Speaking before the Parliamentary Committee on Economy and Development on March 9, 2026, Governor Johnson Pandit Asiama explained that while Ghana continues to hold gold as part of its national reserves, the bank has adjusted the asset mix to reduce concentration risk.
“Ghana’s gold reserves remain part of our national reserves; what changed as part of this measure was the composition of those reserves,” he stated.
The Governor noted that Ghana’s gold holdings expanded significantly in recent years, rising from about 8.7 tonnes in 2021 to more than 40 tonnes by October 2025. The increase was largely driven by the central bank’s Domestic Gold Purchase Programme.
However, the rapid accumulation meant that gold accounted for roughly 42 percent of Ghana’s Gross International Reserves prior to the rebalancing exercise—a level above the share typically recommended for countries at Ghana’s stage of economic development.
According to Asiama, international reserve management guidelines generally suggest that about one-fifth of a country’s reserves be held in gold within a diversified portfolio.
“While gold remains an important reserve asset, such a high concentration in a single asset class introduces portfolio concentration risk,” he said.
He further emphasised that maintaining the right balance between gold and foreign currency assets is essential for ensuring that reserves remain liquid, diversified, and readily deployable during periods of economic stress.
As part of the adjustment, a portion of the gold holdings was converted into foreign exchange assets. The Governor clarified that the action does not represent a loss of national assets but rather a strategic shift within the reserve portfolio.
“The gold was converted into foreign exchange assets, which remain fully part of Ghana’s international reserves,” Asiama explained.
He added that such portfolio rebalancing is a routine practice among central banks, aimed at preserving liquidity, safety, and diversification within reserve assets.
According to the Bank of Ghana, the measure is intended to strengthen the resilience of the country’s reserve position while ensuring the assets remain practical and accessible when needed.
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