Nigeria, Kenya Follow Ghana’s Trailblazing GoldBod to Strengthen Economies
As Ghana’s Gold Board (GoldBod) continues to reap success, some African countries are leveraging the country’s expertise and best practices to develop its own gold industries.
Nigeria and Kenya among other nations, are now following in Ghana’s footsteps, seeking to strengthen their economies through innovative gold trading model.
Recently, a high-level delegation from Kimberly Process Management in Mozambique concluded a two-day study visit to Ghana, seeking to learn from the country’s experience in establishing and managing institutions that regulate gold trading and certification.
The visit focused on the work of the Ghana Gold Board, which has become a central player in the nation’s mineral economy.
With Nigeria and Kenya being the latest to emulate Ghana, they seek to curb the free fall of their local currencies by strengthening their Central Banks gold reserves.
From January to mid October this year, GoldBod, recorded $8 billion in foreign exchange earnings from small-scale gold exports.
This significant revenue stream is expected to boost Ghana’s foreign reserves and support the country’s economic recovery efforts.
The $8 billion earnings represent a substantial increase from the $4.61 billion recorded in 2024 and nearly quadruple the $2.19 billion achieved in 2023.
To begin with, the Central Bank of Kenya has already held talks with the Bank of England on matters including bullion storage.
Bloomberg reports that, the country’s central bank governor said the plan to incorporate gold, is to help diversify Kenya’s foreign reserves, which will help control the fall of the local currency, the Kenyan Shilling.
The strategy, the report said, is also part of Kenya’s effort to reduce reliance on the US Dollar and generally boost economic stability.
In Nigeria, the federal government has also announced a decision to strengthen the country’s foreign reserves through a strategic gold acquisition programme by its central bank to eliminate reliance on dollar sourcing.
Nigeria’s Minister of Solid Minerals Development, Dr Oladele Alake, disclosed this at the 10th edition of the Nigeria Mining Week in Abuja this week.
