Ghana’s gold reserves have surged to 28.1 tonnes as of October 2024, a significant increase from 9 tonnes a year earlier, according to data from the World Gold Council (WGC). This marks a year-on-year rise of 19 tonnes, representing 41.2% of the country’s total international reserves.

With this increase, Ghana now ranks as the fifth African country with the largest gold holdings, behind South Africa (125.4 tonnes), Egypt (126.8 tonnes), Libya (146.7 tonnes), and Algeria, which holds the continent’s largest reserves at 173.6 tonnes.

Globally, Ghana sits in 60th position for the most gold reserves. The country’s reserves have been steadily increasing since May 2023, when they stood at just under 9 tonnes. The Bank of Ghana added an additional tonne in the month of October alone.

Globally, central banks hold a combined total of 36,320 tonnes of gold, which constitutes 18.9% of the world’s international reserves. The United States has the largest gold reserves, holding 8,133 tonnes, or 74.9% of its total reserves. Germany and the International Monetary Fund (IMF) follow with reserves of 3,351 tonnes and 2,814 tonnes, respectively.

The WGC also noted that October saw the highest net purchases of gold by central banks in 2024, with a total of 60 tonnes. The Reserve Bank of India led the way, adding 27 tonnes, followed by Turkey with 17 tonnes and Poland with 8 tonnes.

Source:TheDotNews