Ghana Stocks Up on Gold, Reserves Now Worth $2.7bn

Accra, Ghana - 31 Jan, 2025 -Ghana's gold reserves have skyrocketed by 56%, rising from 19.5 tonnes in 2023 to 30.5 tonnes in 2024, valued at $2.7 billion.

This significant increase is attributed to the Bank of Ghana's strategic accumulation of gold, driven by its Gold for Oil Policy and Domestic Gold Purchasing Programme.

The central bank's efforts aim to shield the economy from external shocks, enhance foreign exchange reserves, and strengthen Ghana's position in global markets. The increased gold reserves are expected to serve as a hedge against inflation, reduce vulnerability to currency fluctuations, and bolster investor confidence.

According to data released by the Bank of Ghana the country's trade surplus has already benefited from the surge in gold exports, reaching $4.98 billion in December 2024, nearly doubling the $2.69 billion surplus recorded in the same period in 2023. Gold exports increased by 53.2% year-on-year, reaching $11.64 billion, with total exports growing by 21.06% to $20.22 billion.

Source: Lead News Online