Ghana’s Gold Reserves Surge by 56% Amid Strategic Accumulation
Ghana’s gold reserves have surged by 56%, rising from 19.5 tonnes in 2023 to 30.5 tonnes in 2024, according to new data from the Bank of Ghana (BoG). The increased reserves are estimated at $2.7 billion.
This strategic accumulation follows the BoG’s Gold for Oil Policy and Domestic Gold Purchasing Programme, key initiatives aimed at bolstering the country’s foreign exchange reserves and shielding the economy from external shocks.
The move is also a decisive step toward stabilizing Ghana’s financial outlook, especially as global economic uncertainties continue to impact markets worldwide.
Economic Impact
The sharp increase in gold reserves is expected to hedge against inflation and mitigate risks from currency fluctuations, strengthen investor confidence in Ghana’s economy and enhance the country’s position in global markets by diversifying and fortifying reserves.
Market analysts are closely watching how this development will influence Ghana’s fiscal policies and its broader economic strategy.
Gold Drives Trade Surplus
Ghana’s gold sector has also played a pivotal role in boosting the country’s trade balance. As of December 2024, Ghana recorded a trade surplus of $4.98 billion, nearly doubling the $2.69 billion surplus recorded in the same period in 2023.
The significant surplus was largely driven by a 53.2% year-on-year increase in gold exports, which reached $11.64 billion. Overall, total exports rose by 21.06%, hitting $20.22 billion.
With gold proving to be a key driver of economic resilience, stakeholders are keen to see how the Bank of Ghana leverages these gains to sustain macroeconomic stability and long-term growth.
