Leap in Gold Reserves Makes Ghana 5th African Country With Most Bullion Holdings
Gold reserves held at the Bank of Ghana as at end-October 2024 stood at 28.1 tonnes, a surge from the 9 tonnes held a year prior, indicating a year-on-year increase of 19 tonnes in gold reserves.
Ghana’s 28.1 tonnes gold reserves per data made available by the World Gold Council (WGC), constitute 41.2% of its international reserves.
Ghana, per its gold reserves, is ranked as the fifth African country with the most gold holdings – following behind South Africa (125.4 tonnes), Egypt (126.8 tonnes), Libya (146.7 tonnes), and Algeria 173.6 tonnes).
Algeria has the highest gold reserves on the continent.
Globally, Ghana is the 60th country with the most gold reserves.
“Data made available by the Bank of Ghana shows that its gold reserves now amount to 28t. The country’s gold reserves have increased steadily since May 2023, when they stood at just under 9t. Ghana added a further 1t during the month,” said the WGC.
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 has the highest gold reserves of 8,133 tonnes representing 74.9% of its total reserves.
Germany and the IMF follow with gold reserves of 3,351 tonnes and 2,814 tonnes respectively.
According to the WGC, central banks reported 60 tonnes of gold net purchases in October – the highest amount recorded year-to-date.
The Reserve Bank of India (RBI) led the field, adding 27 tonnes of gold to its reserves, followed by Turkey and Poland – 17 tonnes and 8 tonnes respectively.
