Ghana’s gold reserves were valued at $3.65 billion at June 2026 as bullion prices rose, while the country’s sales and a regional committee’s call highlight how central banks balance reserve value and liquidity.
The East African Community Monetary Affairs Committee urged member central banks in a July 24, 2026, communiqué to broaden international reserve sources through domestic gold purchases and remittances.
The Bank of Ghana reported holding 24.4 metric tons of gold at the end of June, compared with 10 metric tons in June 2023. The holdings were valued at $3.6524 billion. The country’s gross international reserves, however, declined to $12.94 billion from $14.16 billion between the end of March and June.
Gold’s average price was $1,975.93 per troy ounce in the second quarter of 2023 and $4,506.29 in the second quarter of 2026, according to the World Gold Council. Its country reserve data use quarter-end prices, so a reported valuation reflects both the amount of gold held and its market price.
The Bank of Ghana said it sold about 22.24 metric tons in 2025 after gold exceeded 40% of its reserves in October. The bank said the sale reduced concentration risk, and that it placed the proceeds in liquid foreign exchange assets and fixed-income instruments within the reserve portfolio.
The World Gold Council’s 2026 survey found that 45% of responding central banks expected to add to their own gold holdings over the following 12 months. Meanwhile, 74% expected the dollar’s share of global reserves to decline over five years. Those worldwide expectations do not establish whether African central banks have reduced their dollar holdings.
The International Monetary Fund reported that the dollar accounted for 56.70% of global foreign exchange reserves in the second quarter of 2026, down from 57.18% in the first quarter. The measure excludes gold, and the IMF does not publish individual countries’ currency holdings.
