Ghana’s Gold Reserves Surge by Over 50% in One Year, Strengthening Economic Stability

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Ghana’s gold reserves have witnessed a remarkable 56% increase within a year, reinforcing the country’s economic resilience and global market position. According to newly released data from the Bank of Ghana, the nation’s gold holdings surged from 19.5 tonnes in 2023 to an impressive 30.5 tonnes in 2024, now valued at approximately $2.7 billion.

This significant rise is attributed to Ghana’s Gold for Oil Policy and Domestic Gold Purchasing Programme, strategic initiatives designed to leverage the country’s gold wealth to stabilize the economy and mitigate external financial shocks.

The accumulation of gold is a key component of the Central Bank’s broader strategy to fortify Ghana’s foreign exchange reserves. By increasing its gold holdings, Ghana aims to hedge against inflation, reduce exposure to currency fluctuations, and boost investor confidence. This move also comes at a time when global economic uncertainties are impacting emerging markets, making gold a reliable asset for financial security.

Market analysts are closely monitoring how this growth in reserves will influence Ghana’s fiscal policy and economic trajectory. The expectation is that a stronger gold reserve base will enhance Ghana’s creditworthiness, attract foreign investments, and support long-term financial stability.

Ghana’s gold sector has also played a pivotal role in the country’s booming trade performance. As of December 2024, the country recorded a trade surplus of $4.98 billion, nearly doubling the $2.69 billion surplus from the same period in 2023.

This impressive growth is largely driven by a 53.2% year-on-year increase in gold exports, which soared to $11.64 billion. Overall, total exports experienced a 21.06% increase, reaching $20.22 billion.

With gold exports fueling economic expansion and the Bank of Ghana doubling down on its reserve-building efforts, Ghana is solidifying its position as a leading gold powerhouse in Africa. The strategic decision to enhance reserves could provide long-term economic stability, helping the country navigate global financial uncertainties while ensuring sustainable growth.

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