Ghana has risen to become the fifth-largest holder of central bank gold reserves in Africa, with 28.1 tonnes as of October 2024.
This marks a significant increase from May 2023, when its reserves stood at just under 9 tonnes, reflecting consistent efforts to bolster its holdings.
According to data sourced from the World Gold Council’s October 2024 Central Bank Gold Statistics and the International Financial Statistics (IFS) December 2024 report, Ghana now ranks 60th globally in central bank gold reserves.
This achievement places Ghana behind South Africa, which holds 124.4 tonnes as the fourth-largest gold reserve holder in Africa and highlights Ghana’s strategic approach to diversifying its reserves amid global economic uncertainties.
The growth in Ghana’s reserves aligns with a broader trend of increasing gold accumulation by central banks globally.
About BoG’s Domestic Gold Purchase Programme
In June 2021, the Bank of Ghana launched the Domestic Gold Purchase Programme to augment the country’s foreign reserves.
The programme was aimed at boosting the Central Banks’ ability to buy domestically produced gold from selected gold aggregators and mining firms, and pay them in local currency at the prevailing market price.
The programme has since paved the way for BoG to grow its foreign exchange reserves to foster confidence, enhance currency stability, and create a more attractive environment for foreign direct investment and economic growth.
