Central banks gold reserves: Ghana places 5th in Africa

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Ghana placed 5th in Africa as the largest holder of central banks gold reserves, data from International Statistics has revealed.

The country also placed 60th globally,

According to the figures, the nation boasts of 28.1 tonnes of gold reserves, about 41.2% of the reserves.

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.

United States had the biggest gold reserves of 8,133.5 tonnes and followed by Germany (3,351.5 tonnes) in 2nd position and the International Monetary Fund (IMF) in 3rd position with 2,814 tonnes.

Algeria led in Africa with 173.6 tonnes of gold reserves and was followed by Libya (2nd) with 146.7 tonnes of gold reserves.

Egypt (3rd) and South Africa (4th) boasted of 126.8 tonnes and 125.4 tonnes.

Meanwhile, central bank demand remains robust, with year-to-date (reported and unreported) buying reaching 694t by quarter 3 2024 – comparable to levels seen in 2022.

While rising gold prices appear to have inhibited some buying and prompted tactical sales over recent months, October’s rebound in reported activity signals continued interest from central banks to accumulate gold within their reserve portfolios. This reaffirms the role gold plays as a strategic asset for central banks to manage risks and diversify reserves.

 

Source: Myjoyonline.com


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Kennedy Mornah is an Award Winning Ghanaian Journalist with over two decades of experience in the Ghanaian Media landscape spanning the electronic, print and digital media. He is a Media Consultant, a Corporate MC, Radio and TV Host, Founder and Publisher of the Maritime and Transport Digest Newspaper, Businessman, a Go getter and an optimist. He has worked for renowned media organizations including Diamond Fm in Tamale, Luv Fm in Kumasi, Oman Fm in Accra and Starr Fm in Accra In 2017 he received the Reporter of the Year Award at the Ghana Shippers Awards in Accra, Ghana.

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