The Bank of Ghana said its recent decision to convert part of its gold holdings into foreign exchange assets was aimed at diversifying the country’s reserves rather than depleting national assets.
Governor Johnson Pandit Asiama told the Parliament of Ghana Committee on Economy and Development that the move was part of routine reserve management to reduce risks linked to holding too much of a single asset.
“The gold remains part of our national reserves; what changed was the composition of these reserves,” Asiama said.
Under the Domestic Gold Purchase Programme, Ghana’s gold reserves increased from about 8.7 tonnes in 2021 to more than 40 tonnes by October 2025, accounting for roughly 42% of the country’s gross international reserves.
However, the central bank said such a high concentration in gold posed portfolio concentration risks. Global guidelines, including those referenced by the International Monetary Fund and the World Gold Council, suggest emerging economies maintain around 20% of their reserves in gold to ensure liquidity and flexibility.
The Bank of Ghana therefore converted part of its gold portfolio into foreign exchange assets to restore balance in the reserve composition, Asiama said.
The governor added that the foreign exchange obtained is being actively invested to generate returns while maintaining the country’s external buffers.
“Portfolio rebalancing is conducted periodically to maintain diversification, liquidity and risk control,” he said.
The clarification comes as Ghana reports improving macroeconomic conditions, including a sharp drop in inflation to about 3.3% in February 2026 and a more stable currency, according to the central bank.
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