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Gold Output Rising, But Ghana Still Outside Africa’s Top 10 Foreign Reserves

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Despite recent progress in gold production and renewed policy focus on domestic refining and mining expansion, Ghana remains absent from Africa’s top 10 countries with the highest gold and foreign exchange reserves.

The latest rankings underscore a persistent gap between mineral output and reserve accumulation, highlighting structural challenges in how mining revenues are converted into long-term national savings.

Analysts note that while Ghana continues to rank among Africa’s leading gold producers, factors such as debt servicing pressures, currency stabilization efforts, and limited reserve retention have constrained the country’s ability to build sizable gold and forex buffers compared to its continental peers

Africa’s financial strength is often measured by a country’s foreign exchange and gold reserves — vital buffers that help nations stabilize their economies, support currencies, and withstand external shocks.

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According to a new ranking by Business Insider Africa, based on data from Global Firepower, several African countries hold significant reserves at the start of 2026, reflecting both resource wealth and economic policy choices.

Top 10 African Economies by Reserves

  1. Libya – $92.9 billion
    Libya tops Africa’s list with nearly $93 billion in reserves. Its large holdings, primarily backed by oil revenues, place it 31st globally, although political instability has limited the effective use of these resources.
  2. Algeria – $83.0 billion
    Algeria ranks second in Africa and 33rd in the world, with reserves driven by gas and hydrocarbon exports.
  3. South Africa – $65.4 billion
    A diversified economy with strong mining and financial sectors, South Africa sits third in Africa and 38th globally — its reserves reflecting gold, platinum, and other export earnings.
  4. Egypt – $44.9 billion
    Egypt’s reserves benefit from tourism, remittances, Suez Canal revenues, and external financing, ranking 47th worldwide.
  5. Nigeria – $38.6 billion
    Nigeria, Africa’s largest economy by GDP, holds $38.6 billion in reserves, closely tied to oil export revenues, and ranks 53rd globally.
  6. Morocco – $37.1 billion
    Morocco’s diversified foreign exchange position, supported by manufacturing, agriculture, tourism, and remittances, places it 54th globally.
  7. Angola – $14.2 billion
    With a reserve base shaped by oil export revenues, Angola ranks 71st globally.
  8. Kenya – $10.1 billion
    Kenya’s reserves — supported by remittances, tea and horticulture exports, and services — secure its 77th global position.
  9. Tunisia – $9.3 billion
    Tunisia manages $9.3 billion in reserves amid fiscal challenges and reliance on tourism and remittances, ranking 81st globally.
  10. Ivory Coast – $7.4 billion
    Rounding out Africa’s top ten, Ivory Coast’s reserves reflect cocoa export earnings and regional currency zone support, placing it 86th in the world.

What Reserves Mean for African Economies

Foreign exchange and gold reserves are a strategic economic tool. They help nations:

  • Support their currencies during volatile market conditions.
  • Cover import costs and external debt obligations.
  • Attract foreign investment by signaling financial strength.

High reserve levels allow central banks to intervene in currency markets and provide a buffer against global shocks such as commodity price swings or capital outflows — a critical advantage in a continent where many economies remain vulnerable to external fluctuations.

These rankings showcase how both resource-rich and diversified economies across Africa are leveraging foreign exchange and gold holdings to build resilience and enhance long-term financial stability in an interconnected global economy.

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Ex-President Akufo-Addo and President Mahama Exchange Pleasantries on Easter

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Kwahu, Ghana – Former President Nana Akufo-Addo paid a courtesy call on President John Dramani Mahama on Holy Saturday, April 4, 2026, while both leaders were in the Kwahu enclave for the annual Easter celebrations.

The meeting took place as President Mahama participated in activities linked to the Kwahu Business Forum, a major event held alongside the Easter festivities.

Akufo-Addo, who has maintained a nearly two-decade tradition of spending Easter in Kwahu, described the visit as a cordial engagement during the sacred period.

In a Facebook post, the former president wrote: “On the Holy Saturday of Easter, while in Kwahu where for almost two decades I have consecutively visited during the sacred period of Easter, I called on the President of the Republic, H. E. John Dramani Mahama who is also in Kwahu.”

The encounter highlights a moment of peaceful political civility between the current and immediate past leaders of Ghana amid the festive season. No further details about the substance of their discussion were made public.

The visit comes at a time when both leaders are actively involved in national and regional development conversations, with Mahama using the Kwahu platform to engage stakeholders on economic matters.

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Mahama Calls Christ’s Birthplace an ‘Epicentre of War’, New Airport Concourse Planned and Other Big Stories in Ghana Today

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We have curated the most relevant and impactful stories from Ghana to keep you informed.

‘It’s Painful Christ’s Birthplace Now an Epicentre of War’ – President Mahama
President John Dramani Mahama has described the ongoing violence in the Middle East as a “painful irony,” noting that the birthplace of Christianity and the land where Christ preached love, forgiveness, and peace has become a major centre of conflict. In his Easter message delivered at Black Star Square on April 3, 2026, Mahama said the suffering in the Holy Land cannot be ignored during the season of Easter. He extended Ghana’s thoughts and prayers to the people of Israel, the United Arab Emirates, Qatar, Iran, and the wider Middle East region, urging world leaders to embrace restraint, dialogue, and respect for human dignity.
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Gov’t to Construct New Concourse at Accra International Airport to Ease Congestion
The Ghana Airports Company Limited will begin construction this month on an ultra-modern concourse linking Terminal 2 and Terminal 3 at Kotoka International Airport. The project aims to eliminate current operational bottlenecks, enable seamless passenger transfers, and significantly improve hub efficiency. Key features include five additional passenger boarding bridges, five passenger holding areas, bi-directional travelators, new escalators and elevators, a VIP lounge, four business lounges, and four retail and duty-free pods. The expansion forms part of a broader modernisation drive to provide world-class facilities and strengthen Ghana’s position as a competitive aviation hub in West Africa.
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Gov’t Procures Over 24,000 Medical Equipment to Support Free Primary Healthcare Rollout
The Ghanaian government has acquired 24,534 pieces of medical equipment to strengthen health facilities ahead of the nationwide rollout of its free primary healthcare policy. The consignment, inspected by Health Minister Kwabena Mintah Akandoh, includes baby incubators, radiant warmers, oxygen concentrators, X-ray machines, ultrasound devices, laboratory analysers, vital signs monitors, glucometers, patient monitors, infusion devices, delivery beds, and hospital beds. The equipment will be distributed across government hospitals to improve diagnostics, newborn care, and overall service delivery at the primary level.
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Ghana to Manufacture First Vaccine with Support from Indonesia
Ghana is set to begin local production of its first vaccine with technical and partnership support from the Indonesian government. Honorary Consul of Indonesia to Ghana, Paskal A B Rois, confirmed that a high-level delegation from Ghana’s National Vaccine Institute, Food and Drugs Authority, and GIZ visited Indonesia late last year to finalise arrangements. Once operational, Ghana will become the third African country — after Senegal and South Africa — to manufacture vaccines domestically. The initiative is expected to enhance the country’s health security and reduce dependence on imported vaccines.
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No Business Thrives Without Trust in Justice System — Chief Justice
Chief Justice Paul Baffoe-Bonnie has emphasised that trust in the judicial system is essential for business growth and investor confidence in Ghana. Speaking at the Kwahu Business Forum on April 4, 2026, he stated that contracts must be honoured, property protected, and disputes resolved fairly and predictably for any economy to flourish. The Chief Justice announced that the judiciary is repositioning itself to become an active partner in creating a business-friendly environment anchored in the rule of law. He warned that delays and uncertainty in the justice system carry real economic costs by discouraging investment.
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Ghana President Convenes Emergency Cabinet Meeting to Cushion Ghanaians from Soaring Fuel Prices

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President John Dramani Mahama has convened an emergency cabinet meeting to address the sharp rise in fuel prices caused by the ongoing conflict in the Middle East, particularly the escalation involving Iran.

Speaking on Saturday, April 4, 2026, during the second day of the Kwahu Business Forum, President Mahama stated that the meeting will focus on practical interventions to ease the burden on citizens.

He specifically mentioned the possibility of adjustments in fuel margins and other components of the price build-up to help keep prices relatively stable while hoping for de-escalation of the conflict.

“I have called for this emergency cabinet meeting to decide on specific measures we can take to cushion petroleum prices,” Mahama said. “There are adjustments we can make, particularly in the margins, to help maintain relatively stable prices as we pray for the war to cease.”

The President assured Ghanaians that the government remains committed to protecting the economy from external shocks and has taken steps to build resilience.

“I can confidently tell you that the economy will not collapse because of the war in Iran,” he stated.

Mahama also commended transport unions for showing restraint by not immediately increasing lorry fares despite the fuel price surge.

He urged them to continue exercising patience as the government works on relief measures. Fuel prices rose significantly effective April 1, 2026, with petrol increasing to approximately GH¢13.30 per liter (a 15% hike) and diesel to GH¢17.10 per liter (a 19% hike) for the first half of April.

The government is reviewing options including reductions in margins and levies to provide relief to consumers.

This latest development highlights the direct link between global geopolitical tensions and domestic living costs in Ghana, as the government balances immediate relief with longer-term economic stability.

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