Ghana holds approximately 8.74 metric tons of gold in its reserves, ranking it eighth among African nations in terms of gold holdings.
The top African countries by gold reserves are:
- Algeria: 174 metric tons
- South Africa: 125 metric tons
- Libya: 117 metric tons
- Egypt: 80.73 metric tons
- Morocco: 22.12 metric tons
- Nigeria: 21.37 metric tons
- Mauritius: 12.44 metric tons
- Ghana: 8.74 metric tons
- Tunisia: 6.84 metric tons
- Mozambique: 3.94 metric tons
Despite its position in gold reserves, Ghana is a leading gold producer in Africa. In 2021, the country produced approximately 4.6 million ounces of gold, surpassing South Africa’s production and making Ghana the largest gold producer on the continent.
This discrepancy between gold production and reserves may be attributed to various factors, including the sale of produced gold on international markets, domestic economic policies, and the extent of gold smuggling activities. Notably, significant amounts of gold are smuggled out of Africa annually, with Ghana being a major producer.
In August 2024, Ghana inaugurated its first commercial gold refinery, the Royal Ghana Gold Refinery, in Accra. This facility aims to add value to the country’s gold resources, curb smuggling, and retain economic benefits within the nation.