Ghana’s gold reserves have not been depleted, according to Deputy Finance Minister Thomas Nyarko Ampem. He refuted suggestions of depletion, explaining that the Bank of Ghana actively converts a portion of its gold holdings into foreign exchange.
This conversion strategy forms a core part of the central bank's reserve management. Mr. Ampem stated this is not a spending spree but a strategic shift from gold reserves to gross international reserves. This approach helps the Bank of Ghana manage its assets effectively.
This explanation comes as Ghana navigates its economic recovery and aims to strengthen its financial stability. The country has been focused on increasing its foreign exchange buffers to support the cedi and manage import costs. Maintaining robust international reserves is crucial for national economic health.
Deputy Finance Minister Thomas Nyarko Ampem spoke on GTV’s Breakfast Show with these remarks. He highlighted that the strategy has aligned with a significant increase in the nation’s gross international reserves. “It is a conversion from gold reserve to gross international reserve,” he explained.
Ghana's gross international reserves reached $9.11 billion by the end of 2024. These reserves further increased to $13.82 billion by the end of 2025. This growth represents a positive trend for Ghana's economic outlook.
The Bank of Ghana considers global gold price fluctuations in its reserve management strategy. Mr. Ampem emphasized the importance of this approach, stating, “The Bank of Ghana is having their own reserve management strategy, which is important for them to sell our gold and convert them into foreign exchange.” This dynamic management ensures optimal returns and stability.
The increase in gross international reserves is a positive indicator for the Ghanaian economy. Higher reserves provide a buffer against external shocks and can improve investor confidence. These reserves also help stabilize the local currency, the Ghana cedi, by ensuring foreign exchange availability for essential imports.
Such a proactive approach to reserve management is vital for a commodity-dependent economy like Ghana. It allows the country to capitalize on favorable market conditions while mitigating risks. Decision-makers and financial markets will continue to monitor the Bank of Ghana's reserve management for signs of sustained economic stability.
The Bank of Ghana’s strategy aims to optimize the value of its assets. This careful management supports Ghana’s broader economic objectives. The public and international partners can expect further updates on the nation’s reserve positions.