Bank of Ghana sold 19 tonnes of gold reserves for 1.3 billion dollars profit

Between November and December 2025, the Bank of Ghana sold about half of its gold reserves. Gold holdings fell from 38.04 tonnes in October 2025 to 18.6 tonnes in December 2025. This is a 51% drop.

This sale earned a profit of 1.3 billion dollars. The profit came from selling gold at higher prices than its purchase cost.

Before the sale, gold made up 30% of Ghana’s gross international reserves. It was 37% of net international reserves. Holding too much physical gold slowed down the Bank's ability to use reserves quickly. This is because gold needs to be sold and converted to dollars first.

The Bank of Ghana had started increasing its gold reserves in May 2023. This was part of the Gold for Reserves programme. This program aimed to build a buffer after Ghana’s 2022 economic crisis. At that time, Ghana had a severe shortage of foreign currency and high inflation. Gold holdings grew from 8 tonnes in May 2023 to over 38 tonnes by 2025.

The Bank stated that it was aware of the high concentration of gold in its reserves. It decided to rebalance its portfolio. The sales proceeds will be reinvested into other assets. This will make the reserves stronger and give better returns.

After the sale, Ghana introduced the Ghana Accelerated National Reserves Accumulation Policy (GANRAP). This policy aims to increase reserves to cover 15 months of imports by 2028. Ghana plans to buy about 3 tonnes of gold every week under this policy. The Bank of Ghana will buy 0.57 tonnes weekly from large mines. The Ghana Gold Board will buy 2.45 tonnes from small miners.

This new policy also requires Cabinet and Parliament approval for future gold sales. This might limit how fast the Bank can manage its reserves.