Ghana’s gold reserves has seen a 2.64% increase in October 31 from the 37.06tonnes worth of gold recorded in September.

According to a market data released by the Central Bank, on November 5, Ghana’s total gold reserves reached 38.04 tonnes as of October 31, 2025.

This was contained in market data released by the Central Bank on November 5, 2025.

The latest figure represents more than a 35% increase compared to the 28.1 tonnes recorded in October 2024, highlighting continued growth in Ghana’s official gold holdings.

According to the data, the Bank of Ghana’s total gold holdings stood at 30.53 tonnes in December 2024, meaning about 7.51 tonnes have been added between January and October this year.

A careful look at the data showed that in some cases, the amount of gold reserves added by the Bank of Ghana on a month-to-month basis went up by more than 4 percent.

The Bank of Ghana has attributed the steady growth in its gold reserves to its Domestic Gold Purchase Programme, launched in June 2021.

The Domestic Gold Purchase Programme, launched in June 2021 by the Bank of Ghana, is designed to boost Ghana’s foreign reserves by purchasing gold locally from mining firms and aggregators, paying in local currency, and refining it to international standards.

At the time when the programme was launched, the country’s gold reserves stood at about 8.7 tonnes and since then until 2025 October, Ghana’s gold reserves have grown by approximately 337%.

The increased reserves helps the Bank of Ghana stabilize the cedi against external shocks.

The move was also part of efforts to help reduce the Bank’s reliance on the US dollar, which is more vulnerable to global market volatilities and shocks compared to gold.

The Central Bank had previously raised concerns about Ghana’s low gold reserves and stressed the need to improve the situation to strengthen the country’s external position.

Governor of the Bank of Ghana, Dr. Johnson Asiama, in a recent interview with Joy Business, reaffirmed the Bank’s commitment to preserving and growing Ghana’s total international reserves.

“This move should also go a long way in helping to firmly stabilise the cedi,” he added.

Not only has Ghana's gold reserves increased but revenue from gold has also skyrocketedd particularly since the introduction GoldBod.

Ghana GoldBoard (GoldBod) has reported a significant revenue accrued from small-scale gold export between January and October 15.

GoldBod is the sole authority with exclusive right to buy, sell, weigh, grade, assay, value and export gold and other precious minerals in Ghana. The Ghana Gold Board functions under the oversight and supervision of the Ministry of Finance of the Republic of Ghana.

The sector has earned US$8 billion in foreign exchange within ten months, according to data from the Ghana Gold Board (GoldBod) and the Precious Minerals Marketing Company (PMMC).

The data reports that small-scale miners exported 81,719.23 kilograms of gold during the period, valued at US$8.06 billion. This marks a sharp increase from US$4.61 billion recorded in 2024 and nearly quadruples the US$2.19 billion achieved in 2023.

Also, the data shows that gold export increased by 29% between 2024 and 2025, thus from 63,647 kilograms to 81,719 kilograms. When compared to 2023, GoldBod’s earnings have grown more than threefold.

The data highlights a consistent upward trend in both gold volume and export value over the three years, reflecting improved regulation, transparency, and compliance within Ghana’s small-scale mining sector.

The data also showed a robust month-on-month growth in the second quarter of the year, with a revenue of US$1.17 billion recorded in May, US$957.9 million in June, and US$897.6 million in April.

The country’s official gold buying and distribution authority has linked its significant gains to its partnership with PMMC and strengthened oversight of small-scale gold exports and other related gold-purchasing and regulations. The GoldBod-PMMC collaboration has proved efficient since mid-April 2025, when the former began operations, absorbing the functions of the latter.

The collaboration has been instrumental in curbing illicit trade and ensuring that proceeds from gold sales are properly repatriated into the Ghanaian economy.

Meanwhile, GoldBod has been quite instrumental in dealing with leakages in Ghana's gold trading by regulating the affairs of licensed traders.

It functions under the oversight and supervision of the Ministry of Finance of the Republic of Ghana.

GoldBod announced the suspension of the licence of a Tier 2 licensed gold buying company in Tarkwa over breach of several gold laws.

In a statement dated Wednesday, September 16, the governing body overseeing all gold trading and export activities in Ghana informed the public that the company’s license has been suspended and all its shops closed.

“The Ghana Gold Board (“GoldBod”) wishes to inform the general public that it has suspended the license and closed all trading shops of NK Benak Enterprise, a licensed gold buyer (Tier 2), with immediate effect,” the statement stated.

The suspension comes on the heels of the company’s breach of several gold trading laws, leading to the arrest of its CEO, who is currently facing prosecution.

“This action has been taken on grounds of NK Benak Enterprise’s complicity in several gold-related offences, which have led to the arrest of the sole proprietor, Bernard Nkrumah, and his prosecution before the High Court,” GoldBod added.

Consequently, Bernak has lost the right to trade with all other licensed gold trading companies. GoldBod emphasised in the statement, highlighting the commitment to ensuring the appropriate enforcement of all gold trading laws to ensure transparency.

“Notice is hereby given to all licensed traders, miners, and the general public to desist from trading and/or engaging in any form of gold transaction with NK Benak Enterprise forthwith. GoldBod remains committed to enforcing the laws and regulations that govern the gold trading sector in the spirit of accountability and transparency,” it added.

This is not the first gold trading company that has been suspended by GoldBod over breach of trading laws. In late August, GoldBod announced it had suspended the license of Evanex Gold Enterprise, a licensed gold buyer (Tier 2), with immediate effect. They took this action following an adverse investigative finding of illegal gold pricing made against the company, contrary to the terms and conditions of the license of the company.

The GoldBod has thereby cautioned licensed traders, miners, and the general public against trading or engaging in any form of gold transaction with Evanex Gold Enterprise forthwith.

"GoldBod remains committed to enforcing the laws and regulations that govern the gold trading sector in the spirit of accountability and transparency," a statement issued by GoldBod read.

Ghana’s gold industry made a significant contribution to the country’s Gross Domestic Product (GDP), recording GH¢88 billion in 2024, according to Vice President Professor Naana Jane Opoku-Agyemang.

She made this revelation during the inauguration of the Newmont Ahafo North Mine on Thursday, October 30. According to her, Ghana’s gold exports stood at US$11.2 billion as of August 2025.

“The opening of the Ahafo North Mine is an act of partnership and progress, and the fruit of mutual respect and collaboration. Last year, Ghana’s gold industry contributed GH¢88.1 billion to our GDP. Also, this year, our gold exports reached a record of US$11.2 billion. These figures demonstrate and encourage more confidence in our economy, governance, and national potential,” she added.