Analysis: Why the Bank of Ghana sold half its gold reserves
The Bank of Ghana decided to sell roughly half of its gold reserves somewhere between November and December 2025. At the last reporting before the sale in October 2025, the bank's gold holdings stood at 38.04 tonnes, but the next reporting in December 2025 showed that holdings had dropped to 18.6 tonnes, representing a 51% decline.
The Bank of Ghana had begun actively growing its gold reserves in May 2023 after launching the Gold for Reserves programme, after Ghana faced a severe shortage of foreign exchange in 2022. In May 2023, Ghana held just over 8 tonnes of gold, growing to more than 38 tonnes by 2025, which translated to roughly $3.5 billion in value. Ghana's gross international reserves stood at $11.4 billion while net international reserves stood at $9.3 billion, meaning physical gold accounted for about 30% of gross international reserves and roughly 37% of net international reserves.
The Bank of Ghana responded in December 2025, acknowledging the concentration risk, stating: "The Bank remains mindful of the increased concentration of gold within the total reserve portfolio, which stood at over 42% as of end-October 2025," and that "accordingly, steps are being taken to rebalance the portfolio by reducing the Bank's allocation to gold in line with its strategic asset allocation framework. Proceeds from this divestment will be reinvested into a diversified mix of income-generating assets to enhance portfolio resilience and optimise returns." The sale eventually took place in December 2025 and was publicly disclosed at the end of January 2026.
Quick Summary
In late 2025, the Bank of Ghana made a significant move involving its gold reserves. This decision has sparked debate about the country's financial strategy - but what drove this shift?
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