Central banks gold reserves: Ghana places 5th in Africa

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

The country also placed 60^th 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 2^nd position and the International Monetary Fund (IMF) in 3^rd position with 2,814 tonnes.

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

Egypt (3^rd) and South Africa (4^th) 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.