Gold: Ghana Ranks 5th Among African Countries with Most Bullion Holdings
Gold reserves held by the Bank of Ghana as of the end of October 2024 amounted to 28.1 tonnes, marking a significant surge from the 9 tonnes held a year earlier. This represents a year-on-year increase of 19 tonnes in gold reserves.
According to data from the World Gold Council (WGC), Ghana’s 28.1 tonnes of gold reserves constitute 41.2% of its international reserves. This places Ghana as the fifth African country with the most gold holdings, trailing behind:
- Algeria – 173.6 tonnes (the highest on the continent)
- Libya – 146.7 tonnes
- Egypt – 126.8 tonnes
- South Africa – 125.4 tonnes
Globally, Ghana ranks 60th in terms of gold reserves.
The WGC stated: “Data made available by the Bank of Ghana shows that its gold reserves now amount to 28 tonnes. The country’s gold reserves have increased steadily since May 2023, when they stood at just under 9 tonnes. Ghana added a further 1 tonne during the month.”
Global Gold Reserve Trends
Globally, gold reserves held by central banks amount to 36,320 tonnes, representing 18.9% of the world’s international reserves. The United States of America holds the highest gold reserves, totaling 8,133 tonnes and accounting for 74.9% of its total reserves.
Following the U.S., Germany and the International Monetary Fund (IMF) hold 3,351 tonnes and 2,814 tonnes, respectively.
In October 2024, central banks collectively reported 60 tonnes of net gold purchases – the highest monthly increase recorded in the year. Leading the purchases was the Reserve Bank of India (RBI), which added 27 tonnes to its reserves, followed by Turkey (17 tonnes) and Poland (8 tonnes).
Conclusion
Ghana’s recent increase in gold reserves underscores its strategic efforts to bolster its international reserves, reinforcing its position as a key player in Africa’s gold market. This achievement highlights the nation’s growing prominence in the global gold landscape.