The Bank of Ghana (BoG) has clarified that its recent rebalancing of gold holdings into foreign exchange assets was a strategic diversification measure and not a depletion of national assets.
Appearing before the Parliamentary Committee on Economy and Development, Governor Johnson Pandit Asiama said the gold remained part of Ghana’s national reserves, explaining that what had changed was the composition of those reserves.
Under the Domestic Gold Purchase Programme, gold holdings increased from 8.7 tonnes in 2021 to more than 40 tonnes by October 2025, representing about 42 per cent of the country’s Gross International Reserves.
The Governor noted that the surge in global gold prices, which rose by approximately 62 per cent between January and October 2025, significantly boosted the value of the portfolio.
While describing gold as a key reserve asset, Dr Asiama said such a high concentration in a single asset class posed portfolio concentration risk, particularly for emerging economies like Ghana.
He referenced international guidelines, including those by the International Monetary Fund and the World Gold Council, which recommend that emerging economies maintain about 20 per cent of reserves in gold to ensure adequate liquidity and flexibility.
“In light of these considerations, the Bank undertook a measured portfolio rebalancing, converting a portion of its gold holdings into foreign exchange assets to restore a more balanced reserve composition,” he said.
Dr Asiama stressed that the foreign exchange acquired continued to be actively invested to generate returns while preserving Ghana’s external buffers.
He described the move as part of standard central bank practice, noting that portfolio rebalancing was conducted periodically to maintain diversification, liquidity and risk control.
The initiative comes amid broader macroeconomic improvements, including a decline in inflation from over 23 per cent at the end of 2024 to 3.3 per cent in February 2026, a stabilising cedi and improving financial sector performance.
“This measured rebalancing ensures that Ghana’s reserves remain not only valuable but also liquid and ready for use when needed,” the Governor concluded.
