MINING REFINING

Ghana rises to the fifth-largest African gold reserve holder.

Sat Dec 14 2024

With 28.1 tonnes of central bank gold holdings as of October 2024, Ghana is now Africa's fifth-largest gold reserve holder. This represents a substantial increase over May 2023, when its reserves were just under 9 tonnes,

and shows a consistent and intentional attempt to increase its gold holdings.

Ghana presently ranks 60th in the world for central bank gold reserves, according to data from the International Financial Statistics (IFS) December 2024 report and the World Gold Council's October 2024 Central Bank

Gold Statistics. Ghana now lags behind South Africa, which has 124.4 tons of gold reserves and is ranked fourth in Africa.

Ghana has taken a calculated step to diversify its financial resources, particularly in light of the unpredictable global economy, as seen by its growing gold holdings. The increase in gold holdings in the nation is consistent

with a broader worldwide trend in which central banks are actively expanding their gold reserves. This change emphasizes how crucial gold is as a reliable asset during uncertain financial times.

Ghana's proactive commitment to ensuring economic stability and promoting financial resilience in the face of global problems is demonstrated by the growth of its gold reserves. The nation portrays itself as a major player

in the African and international gold markets as it keeps bolstering its gold reserves.

This achievement further demonstrates gold's increasing significance as a safe financial asset during uncertain times around the world and highlights the larger trend among central banks globally to emphasize gold accumulation.

Source: https://www.ghanaweb.com