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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.

Ghana News

‘We Have to Transform This Pyramid of Privilege’: BRICS Demands Greater Global South Influence

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BRICS leaders are pushing for a greater role for the Global South in shaping international affairs, arguing that developing nations should no longer be confined to accepting rules created by more powerful countries.

The message emerged prominently from the bloc’s 18th summit in New Delhi, India, where leaders unanimously adopted a 45-page joint declaration outlining their priorities on global governance, conflict, trade, technology and economic cooperation. The summit was held under the theme“Building for Resilience, Innovation, Cooperation and Sustainability.”

Indian Prime Minister Narendra Modi captured the bloc’s broader ambition by calling on the Global South to become a “rule-shaper” rather than simply a rule-taker. He argued that the international system should move away from entrenched inequalities and toward greater partnership among nations.

“We have to transform this pyramid of privilege into a platform of partnership,” Modi told the summit.

The declaration reinforces that vision by calling for sweeping reforms to international institutions that developing nations have long argued do not adequately reflect the realities of the modern world. BRICS has specifically sought greater influence for emerging economies within institutions including the World Bank, International Monetary Fund and World Trade Organization.

The scale of the bloc gives that demand considerable geopolitical weight. BRICS now includes Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, the United Arab Emirates, Saudi Arabia and Indonesia, and its members collectively represent nearly half of the world’s population and approximately 40% of global GDP.

The declaration also calls for stronger representation for developing countries in global decision-making. Russian President Vladimir Putin backed greater representation for Asia, Africa and Latin America on the United Nations Security Council, while Chinese President Xi Jinping called for an international order characterized by greater “equity and justice.”

That push comes as BRICS attempts to define its place in an increasingly fragmented international system. The bloc reaffirmed its commitment to multilateralism and multipolarity, arguing that a more distributed global power structure could create greater opportunities for emerging markets and developing countries.

At the same time, Modi sought to make clear that BRICS should not automatically be viewed as an anti-Western alliance.

“BRICS is not against anyone,” he said, stressing instead the group’s goal of giving the Global South a stronger role in determining the direction of global affairs.

The New Delhi summit therefore underscored both the growing ambitions of BRICS and the challenge of translating those ambitions into coordinated action. The bloc includes countries with competing strategic interests, yet its leaders are increasingly presenting the group as an important platform through which emerging economies can demand a greater voice in decisions affecting the global economy and international order.

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Top Headlines From Ghanaian Newspapers: Monday, Sept. 14, 2026

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Here are the top headline news stories from Ghanaian newspapers published on Monday, September 14, 2026.

Graphic Business: GH¢225bn in, GH¢234bn out (Sub-headline: Taxes funded 86% of revenue as wages, transfers and debt interest absorbed 80% of spending)

The Informer: Majority Accuses IMF Of Sabotage, Doing NPP Bidding (Sub-headline: …Says Its Reports Are Anti-Govt)

The National Voice: Massive €260M Cocaine Shipment From Ghana Seized In France

The New Publisher: Excuses Will Not Educate A Child (Sub-headline: Afenyo-Markin Tells Gov’t To Fix The Crisis)

The Metro Lens: $1 Billion Drug Busts! (Sub-headline: …Minority asks: How Much Cocaine Is Passing Through Ghana Undetected?)

The Meridian: ANOTHER COCAINE SCANDAL HITS GHANA! (Sub-headline: …€225M Cocaine Shipment from Ghana Seized in France)

The Herald: €225 MILLION COCAINE FROM GHANA TRACED (Sub-headline: To Fugitive Dutch Drug Kingpin Based In Sierra Leone)

The Insight: MAHAMA Says 24-Hour Markets Will Power Local Economies (Secondary top story: Stan Dogbe Committee Petitioned To Halt Unsafe Akuapem Building)

Republic Press: Mahama, Ayariga Differ On Cathedral Job

The Custodian: More Narcotic Drugs Shipped From Ghana (Sub-headline: As France Seizes $260m Cocaine In Latest Drug Bust)

The Daily Gist: Mahama Stabs Haruna Iddrisu (Sub-headline: Over Arabic, French Languages In SHS)

Daily Guide: NDC Must Apologise To NPP Over Corruption Claims – Gbande

The Ghanaian Times: Kpeshie Lagoon buffer zone cleared (Sub-headline: Over 20 structures demolished at Laboma)

Daily Graphic: Govt commits special funding to Free SHS (Sub-headline: Double track to end 2027 — President Mahama)

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French Customs Seize $260 Million of Cocaine Hidden in Plastic Waste from Ghana at Dunkirk Port

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French customs officers have seized nearly 3.9 metric tons of cocaine with an estimated street value of €225 million ($261.45 million) at the northern port of Dunkirk, in one of the largest drug busts in recent French history, the French organized crime prosecutor’s office announced Thursday.

The cocaine was concealed inside a container of plastic waste arriving from Ghana, according to authorities. The shipment was initially destined, in part, for Antwerp, Belgium — a major European hub for narcotics trafficking.

Investigation and Charges

The cocaine has since been destroyed, and the French prosecutor has opened a formal investigation. France’s judicial police had been targeting the criminal network alleged to be behind the shipment before the seizure took place.

Charges under investigation include the organized importation of narcotics and participation in a criminal association, offenses that carry penalties of up to 10 years’ imprisonment under French law.

A Growing Trend in European Drug Trafficking

The record seizure underscores the growing challenge European authorities face as criminal networks increasingly exploit West African trade routes to smuggle narcotics into the continent. Ghana has emerged as a key transit point for cocaine produced in South America and destined for European markets.

The concealment method — hiding drugs within legitimate cargo shipments — is a common tactic used by trafficking organizations to evade detection at ports. The plastic waste shipment would have appeared routine to customs officials without targeted intelligence.

France’s Broader Drug Seizure Statistics

The Dunkirk operation is part of a broader escalation in French customs enforcement. In 2025, French customs seized 108.81 tonnes of narcotics across the country, covering all drug types, with an estimated total value of €2.197 billion. The latest seizure adds to an already significant year for French drug interdiction efforts.

Regional and International Implications

The fact that the shipment was destined for Antwerp highlights the interconnected nature of European drug trafficking networks. Antwerp has become one of Europe’s primary entry points for cocaine, with criminal gangs increasingly using smaller ports like Dunkirk as alternative routes to avoid heightened security at larger hubs.

The involvement of Ghana as the origin point also raises concerns about West Africa’s role in the global drug trade. The region has become a major transit corridor for cocaine flowing from South America to Europe, with criminal networks exploiting weak border controls and corruption in some countries.

French authorities have not yet announced any arrests in connection with the seizure, but the investigation remains ongoing. The destruction of the cocaine suggests authorities prioritized eliminating the narcotics from circulation rather than preserving it as evidence, though samples may have been retained for prosecution purposes.

Global Context

The seizure comes amid heightened international cooperation against drug trafficking, with European Union member states increasingly sharing intelligence and coordinating operations. The street value of the seized cocaine — over $260 million — represents a significant financial blow to the criminal network behind the shipment.

For Ghana, the incident highlights the need for strengthened port security and international cooperation to prevent the country from being used as a transit point for narcotics. The Ghanaian government has not yet issued a statement on the seizure.

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