Bank of Ghana's $1.3bn profit from gold sale could help narrow 2025 losses
Bank of Ghana's decision to sell more than half of its gold reserves in November & December 2025 may have provided an important accounting benefit beyond reserve management. The transaction reportedly generated a profit of about $1.3 billion, equivalent to roughly GH¢13 billion, and could significantly reduce the central bank's loss position for the 2025 financial year. Speaking at the 129th Monetary Policy Committee press briefing on March 19, 2026, Governor Johnson Asiama confirmed that the sale of over 19 tonnes of gold generated a profit. "The transaction made a profit of over $1.3 billion, and it is all within our international reserves," he said.
The primary reason for selling about 51% of Ghana's gold holdings was to rebalance the country's international reserves. The Bank of Ghana has been operating under financial strain since 2022, when it supported the central government during Ghana's economic crisis. In 2022, the central bank recorded a record loss of about GH¢60 billion. By 2024, the loss had narrowed to GH¢9.3 billion. Aggressive open market operations alone cost the Bank about GH¢17 billion in 2025, up sharply from GH¢8.6 billion in 2024. In addition, the Bank incurred more than GH¢2 billion in losses from its domestic gold operations conducted in partnership with the Ghana Gold Board. The cedi appreciating by more than 40% in 2025 would have resulted in valuation losses on its dollar-denominated reserves.
Discussions are currently ongoing to recapitalise the Bank's balance sheet through a combination of government bonds, the transfer of some state-owned
Quick Summary
The Bank of Ghana (BoG) sold over half its gold reserves in late 2025. This transaction may offer more than just reserve management benefits - but what could they be?
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