Ghana recorded the fastest growth in gold reserve value among eight African countries tracked, as rising international bullion prices lifted the value of its holdings by nearly fivefold over three years, reinforcing the metal’s growing role in the country’s reserve strategy.
The value of the West African nation’s gold reserves climbed by 475.9 percent to $3.65 billion in the second quarter of 2026 from $634 million in the corresponding period of 2023, according to World Gold Council data. The increase outpaced gains recorded by Egypt and Nigeria, whose gold reserve values rose 117 percent and 113 percent, respectively, over the same period. Ghana’s physical gold holdings also increased, rising to 24.4 tonnes in Q2 from 23.38 tonnes in the same period of 2024.
The comparison covers a different period from the three-year valuation increase. The country’s performance comes as the world’s leading gold producers benefit from elevated bullion prices and central banks increasingly consider the metal as a means of diversifying reserves amid geopolitical uncertainty and shifting currency dynamics.
Across eight African countries — Ghana, Algeria, Egypt, South Africa, Nigeria, Mauritius, Morocco and Kenya — the combined value of gold reserves rose 113.5 percent to $66.6 billion in the second quarter of 2026 from $31.2 billion three years earlier. However, the increase largely reflected higher gold prices rather than a substantial expansion in physical holdings. Combined gold holdings across the eight countries edged up from 505 tonnes to 509.2 tonnes over the period, an increase of just 0.8 percent.
Ghana has increasingly used its gold resources to strengthen external buffers and generate foreign exchange following years of economic and currency pressures. In February, the country adopted its Ghana Gold Reserve Act Programme, providing a framework for incorporating gold sourced from large-scale mining operations into physical reserves, with sales subject to