Accra: The balance sheet of the Bank of Ghana expanded in March 2026, supported by higher foreign asset holdings, increased gold reserves, and a significant rise in investments in foreign securities.
According to Ghana Web, the Central Bank's latest Monthly Statistical Bulletin revealed that total assets increased to GHS321.38 billion in March 2026 from GHS310.58 billion in February, representing a month-on-month increase of GHS10.8 billion, or 3.5%.
Compared with March 2025, when total assets stood at GHS313.40 billion, the figure represents year-on-year growth of 2.6%, equivalent to GHS7.98 billion. The growth was driven mainly by a sharp increase in foreign assets, which rose to GHS128.0 billion in March from GHS109.48 billion in February. This represents an increase of GHS18.52 billion, or nearly 17%, within a month.
Although slightly lower than the GHS129.73 billion recorded in March 2025, the latest figure points to a strong recovery in the Bank's external asset position. The report also showed that foreign securities recorded the largest increase within the foreign asset portfolio. Holdings of foreign securities rose to GHS81.56 billion in March, up from GHS65.98 billion in February and GHS48.52 billion in January.
This means foreign securities increased by more than GHS33 billion during the first quarter of 2026, making them one of the fastest-growing components of the Bank's balance sheet. The increase reflects greater investment in foreign-denominated financial instruments, which help central banks maintain liquidity, diversify reserves, and generate income.
The Bank's gold holdings also continued to play an important role in strengthening its reserves. In recent years, the Bank of Ghana has expanded its gold accumulation programme as part of efforts to diversify reserve assets and reduce dependence on traditional foreign-currency reserves. The Central Bank said stronger foreign assets, higher investments in foreign securities, and growing gold reserves have helped reinforce the resilience of its balance sheet.
The latest figures come as Ghana continues to strengthen its external reserves position, supported by improved foreign exchange inflows and broader macroeconomic improvements. Analysts say a stronger central bank balance sheet enhances confidence in the country's monetary and external-sector position while improving the Bank's ability to manage liquidity, maintain exchange-rate stability, and respond to external shocks.
The data also points to continued progress in Ghana's reserve accumulation efforts and a more diversified reserve portfolio as the country seeks to sustain gains in inflation control, exchange-rate stability, and overall economic performance.