Ghana ranks 5th in Africa’s gold reserves, 60th globally
Ghana has emerged as a major force in Africa’s gold reserve rankings, now positioned as the 5th largest holder of central bank gold reserves on the continent and 60th globally. The country’s reserves currently stand at 28.1 tonnes, comprising 41.2% of its total monetary reserves.
This milestone represents a significant jump from just under 9 tonnes in May 2023. By June of the same year, the Bank of Ghana (BoG) increased its reserves by an additional tonne, signaling a focused and consistent strategy to accumulate gold reserves.
Africa’s Leading Central Bank Gold Reserves
Ghana now trails only Algeria, Libya, Egypt, and South Africa in central bank gold holdings:
- Algeria: 173.6 tonnes
- Libya: 146.7 tonnes
- Egypt: 126.8 tonnes
- South Africa: 125.4 tonnes
- Ghana: 28.1 tonnes
Globally, the United States holds the largest reserves at 8,133.5 tonnes, followed by Germany (3,351.5 tonnes) and the International Monetary Fund (IMF) (2,814 tonnes).
The Impact of Ghana’s Reserve Expansion
The sharp growth in Ghana’s gold reserves underscores the nation’s efforts to fortify its economy against external shocks and inflationary pressures. As global markets grapple with uncertainties, Ghana’s growing reserves provide a robust buffer against currency fluctuations and geopolitical risks.
Gold remains a strategic asset in central bank portfolios, particularly as global financial systems face rising inflation and market volatility. The Bank of Ghana’s accumulation aligns with an international trend of central banks boosting gold reserves as a hedge against economic disruptions.
Path Forward for Ghana’s Gold Strategy
With a strong foundation as one of Africa’s leading gold producers, Ghana is well-positioned to further grow its reserves. The Bank of Ghana’s strategy reflects the broader goal of using the nation’s rich gold resources to ensure long-term fiscal sustainability.
As the global financial landscape continues to shift, Ghana’s deliberate gold reserve accumulation cements its influence in Africa and enhances its standing on the global stage. This bold strategy underscores the nation’s commitment to leveraging natural resources for sustainable economic development.
