The Bank of Ghana’s total assets increased to GHS 321.38 billion in March 2026, driven largely by stronger foreign asset holdings, rising gold reserves, and a sharp expansion in foreign securities, according to the central bank’s latest Monthly Statistical Bulletin.
The March figure represents a month-on-month increase of GHS 10.80 billion, or 3.48%, from GHS 310.58 billion recorded in February 2026. Compared with GHS 313.40 billion in March 2025, the Bank’s balance sheet expanded by GHS 7.98 billion, reflecting year-on-year growth of 2.55%.
The growth was mainly supported by a significant rise in foreign assets, which increased to GHS 128.00 billion in March from GHS 109.48 billion in February, representing a monthly gain of GHS 18.52 billion or 16.92%. Although slightly below the GHS 129.73 billion recorded a year earlier, the composition of these assets has changed markedly.
Foreign securities emerged as the strongest contributor to the increase in foreign assets. Holdings in foreign securities rose to GHS 81.56 billion in March, up from GHS 65.98 billion in February and GHS 48.52 billion in January. On a yearly basis, foreign securities surged from GHS 18.99 billion in March 2025, representing an increase of more than 329%.
The sharp growth suggests the central bank has shifted a larger share of its external reserves into securities, reducing its reliance on foreign currency balances held with banks.
Foreign currency balances and deposits with banks fell to GHS 14.98 billion in March, down from GHS 18.00 billion in February and GHS 49.58 billion in January. The decline was even more pronounced compared with GHS 64.53 billion recorded in March 2025.
Gold reserves also recorded notable growth during the month. The value of the Bank of Ghana’s gold holdings increased to GHS 28.83 billion in March from GHS 24.33 billion in February, representing an 18.49% rise. While still below the GHS 43.50 billion recorded in March 2025, the increase reflects the growing importance of gold within Ghana’s reserve management strategy.
Special Drawing Rights (SDR) holdings also rose significantly, increasing to GHS 1.87 billion from GHS 404.75 million in February.
On the domestic side, claims on government stood at GHS 86.26 billion in March, up from GHS 81.42 billion in February but below the GHS 92.06 billion recorded a year earlier.
Government stock holdings rose to GHS 63.28 billion from GHS 58.22 billion in February, while Treasury bill holdings increased to GHS 92.88 million. Loans and advances to government, however, declined slightly to GHS 22.88 billion and remained well below the GHS 33.72 billion recorded in March 2025.
The reduction in direct lending to government may reflect ongoing efforts to strengthen fiscal discipline and reduce central bank financing of budget deficits.
Claims on public corporations increased to GHS 11.97 billion from GHS 11.23 billion in February, while claims on deposit money banks rose marginally to GHS 3.96 billion.
Meanwhile, other assets declined to GHS 91.18 billion from GHS 104.56 billion in February, although they remained above the GHS 76.71 billion recorded in March 2025.
Overall, the March 2026 data indicates that the Bank of Ghana’s balance sheet is increasingly being shaped by external assets, particularly foreign securities and gold. The trend points to a strategic repositioning of reserve assets aimed at strengthening external buffers and enhancing reserve management.
A stronger foreign asset position provides the central bank with greater flexibility in managing exchange rate pressures and supporting macroeconomic stability. However, the growing share of assets held in securities and gold also highlights the need for careful management of liquidity, market and valuation risks.
The latest figures suggest that while the Bank of Ghana’s balance sheet continues to expand, its composition is evolving toward a structure that places greater emphasis on reserve assets and reduced reliance on direct government financing. The effectiveness of this strategy will ultimately be measured by its contribution to stronger reserve buffers, improved market confidence and sustained macroeconomic stability.
