Ghana’s Gold reserves increase by over 50% in one year

 

Ghana’s gold reserves have skyrocketed by 56%. 

Data released by the Bank of Ghana shows that the country’s gold reserves rose from 19.5 tonnes in 2023 to a robust 30.5 tonnes in 2024 estimated in value at $2.7 billion. 

This strategic accumulation of gold follows the Bank of Ghana’s Gold for Oil Policy and Domestic Gold Purchasing Programme.

This is part of the Central Bank’s broader efforts to shield the economy from external shocks, enhance the country’s foreign exchange reserve and strengthen Ghana’s position in global markets. 

It is also a decisive step toward stabilising Ghana’s financial outlook, especially as global uncertainties weigh heavily on economies worldwide.

In terms of impact, the increase in gold reserves is expected to  serve as a hedge against inflation, reduce the country’s vulnerability to currency fluctuations and bolster investor confidence.

Market watchers are therefore keenly focused on the implications for Ghana’s fiscal policy and its standing in the global economy, as the Bank of Ghana continues to diversify and strengthen its reserves. 

Gold boosts trade surplus

Already, Ghana achieved a remarkable trade surplus of $4.98 billion in December 2024, nearly doubling the $2.69 billion surplus recorded in the same period in 2023.

The impressive surplus was largely driven by a sharp 53.2% year-on-year increase in gold exports, which reached $11.64 billion. Overall, total exports grew by 21.06%, hitting $20.22 billion.