Ghana’s central bank has nearly quadrupled its gold reserves over the past year, part of a broader push to diversify the country’s foreign exchange holdings and strengthen financial stability.

The Bank of Ghana reported Thursday that national gold reserves reached 32.99 metric tonnes at the end of June, up from 32.16 tonnes in May and 31.37 tonnes in April. The latest figure marks a dramatic increase from 8.78 tonnes in May 2023, underscoring the central bank’s accelerated accumulation strategy.

The move comes as Ghana, Africa’s top gold producer, intensifies efforts to formalize small-scale mining and retain more domestically mined gold for national reserves. The central bank’s program is aimed at reducing dependency on traditional reserve currencies such as the U.S. dollar while insulating the economy from global market volatility.

The strategy aligns Ghana with a growing number of central banks globally that are turning to gold as a hedge against inflation, currency depreciation, and geopolitical risk.

Officials say the accumulation is not just about boosting reserves but also about anchoring long-term financial resilience.

Source:TheDotNews