Ghana Ranked 6th Globally, 1st in Africa for Gold Deposits – World Gold Council Report
Ghana has been ranked the sixth country in the world with the largest gold deposits, according to the World Gold Council’s (WGC) 2025 Gold Demand Trends report. The latest ranking also cements Ghana’s position as Africa’s top gold producer, with total deposits estimated at 140.6 tonnes.
The report attributes Ghana’s leading position on the continent to sustained investment inflows, improved regulation of the artisanal and small-scale mining sector, and consistent production output by large-scale miners.
Data from the Ghana Chamber of Mines indicates that gold accounts for about 40 percent of the country’s total export earnings, underscoring the mineral’s crucial role in Ghana’s economic stability and foreign exchange generation.
Global Rankings
Globally, China maintained its dominance as the world’s largest gold-producing country with deposits totaling 380.2 tonnes — representing about 10 percent of global production. The Asian giant’s mining sector is spearheaded by state-owned enterprises such as China National Gold Group and Shandong Gold.
Russia followed in second place with total gold deposits of 330 tonnes, concentrated mainly in Siberia and the Far East. Australia ranked third with 284 tonnes, while Canada and the United States placed fourth and fifth respectively with deposits of 202.1 tonnes and 158.0 tonnes.
Ghana’s Growth Outlook
Industry analysts suggest that Ghana’s gold sector could experience further growth if ongoing reforms in the mining regulatory framework are sustained and value addition through local refining is prioritized. The WGC report highlights Ghana as a “strategically positioned” player in the global gold market, capable of attracting new investments amid rising global demand for the precious metal.
With gold continuing to anchor Ghana’s export portfolio, the government’s policies on responsible mining and sustainable extraction are expected to play a pivotal role in consolidating the country’s global standing in the years ahead.
Ghana’s Gold Reserves Hit 38 Tonnes, Up 35% Year-on-Year
Meanwhile, the Bank of Ghana’s (BoG) total gold reserves have reached 38.04 tonnes as of October 31, 2025, marking a significant milestone in the Central Bank’s ongoing efforts to diversify its reserve assets and strengthen the local currency.
According to market data released by the Bank on November 5, 2025, the figure represents a more than 35% increase from the 28.1 tonnes recorded in October 2024, underscoring sustained growth in Ghana’s official gold holdings.
Data from the Central Bank indicates that total gold holdings stood at 30.53 tonnes at the end of December 2024, implying that approximately 7.51 tonnes have been added between January and October this year. Monthly additions, in some instances, rose by over 4 percent, reflecting an accelerated accumulation rate under the Bank’s gold acquisition strategy.
The BoG attributes the steady build-up to its Domestic Gold Purchase Programme (DGPP), launched in June 2021. The initiative aims to strengthen Ghana’s reserve position and reduce dependence on the US dollar by purchasing gold directly from local mining companies and paying them in Ghanaian cedis.
The Bank has consistently emphasized that the DGPP is part of broader efforts to insulate the economy from external shocks and mitigate exchange rate pressures by holding more stable and less volatile assets.
Analysts believe the strengthening of Ghana’s gold reserves sends a positive signal to the market and enhances confidence in the cedi. A stronger reserve position, they note, improves the Central Bank’s capacity to intervene effectively in the foreign exchange market and curbs speculative pressures against the local currency.
