Africa: Ghana strengthens its economic stability thanks to a visionary Gold strategy

In 2024, Ghana made significant strides in strengthening its gold reserves, reaching 30.5 tonnes, up from 19.5 tonnes the previous year. This 11-tonne increase is the result of proactive economic policies, notably the implementation of the Gold Purchase Program launched in 2021.

The program aims to reduce the country’s reliance on foreign currencies while safeguarding its national assets against global market volatility.

It allows the Bank of Ghana to buy gold directly from local producers, bolstering the resilience of the country’s economy.

Additionally, a regulation introduced in 2023 mandates mining companies to sell 20% of their gold production to the central bank in local currency.

This measure enables Ghana to capture a larger share of its national gold output, thereby enhancing its strategic reserves.

The accumulated gold reserves are used to fund major projects, including the Gold for Oil initiative, which aims to secure the country’s energy supply while minimizing the use of foreign currency reserves.

This strategy not only stabilizes the national currency, the Ghanaian cedi, but also helps manage domestic price levels.

Through these efforts, Ghana is addressing economic challenges and ensuring sustainable growth, reinforcing its monetary sovereignty.

With this innovative approach, Ghana is positioning itself as a key player in the global economic arena while securing long-term stability and development for its national economy.