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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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Ghana’s Nationwide Flood Clean-Up Kicks Off with Slow Start

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ACCRA, Ghana – July 10, 2026 – A two-day nationwide clean-up exercise across seven flood-ravaged regions began Friday morning sluggishly.

Authorities have been urging residents, businesses, and institutions to ramp up participation as teams work to clear refuse, desilt choked drains, and restore public spaces following recent devastating floods.

The exercise, which commenced at 6:00 am local time, will run until 1:00 pm and resume on Saturday, July 11, during the same hours. While early-morning activity in several metropolitan areas was initially subdued, officials report that momentum is gradually building as local assemblies, waste management contractors, security services, and volunteer groups deploy to designated hotspots.

According to the government’s outlined schedule, the first day focuses on Ministries, Departments and Agencies (MDAs), Metropolitan, Municipal and District Assemblies (MMDAs), public and private institutions, educational bodies, and waste management firms.

Saturday’s phase will pivot toward community-led efforts, tapping into residents, traditional authorities, and volunteer networks to drive localized clean-up at the grassroots level.

In a bid to maximize turnout, non-essential shops, markets, and commercial establishments within the seven affected regions have been ordered to shut their doors from 6:00 am to 1:00 pm on both days, with exemptions granted only to essential and emergency service providers.

The Ministry has called on transport operators, religious groups, and corporate entities to actively back the initiative, framing it as a critical step toward restoring safe, hygienic communities after the flooding crisis.

Greater Accra, the epicenter of the recent deluge, hosts the bulk of the operation, with authorities identifying 104 flood-prone and affected locations across 17 assemblies. Key areas include, Ga South (Tetegu, STC, Mallam East, New Weija), Ga Central (Awoshie, Kolegu, Israel, A-Land), Ga North (Pokuase Footbridge, Ofankor Barrier), and Ga East (Dome Market, Abokobi Drain). In the capital’s core, heavy machinery and manual crews are converging on major drainage arteries such as Alajo, Kokomlemle, Pig Farm, Mamobi, Nima Highway, the Kanda stretch to Kawukudi, and the 37 Hospital corridor. Coastal communities like Teshie-Nungua, Prampram, Sege, and Tema West’s industrial and residential zones are also actively participating.

Despite the tepid start, authorities remain optimistic that participation will surge as the morning progresses, setting the stage for an even more robust community-driven effort on Saturday.

The exercise represents the government’s most visible response to the recent flooding emergency, mobilizing public administration and local governance structures to tackle the immediate environmental and health hazards facing affected populations.

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Top 10 Newspaper Front Page Headlines in Ghana Today: Friday, July 10, 2026

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Top 10 news stories on Ghanaian newspaper front pages dated Friday, July 10, 2026.

1. GHC350m Contingency Fund Release Controversy

  • Appears in: The New Publisher, The Ghanaian Publisher, The Custodian, The Chronicle
  • Summary: The Attorney General is under fire for allegedly instructing the Bank of Ghana to release GHC 350 million from the frozen Contingency Fund for flood relief, despite a court order blocking it. The Minority in Parliament is demanding a probe and blasting the AG’s “lawless” approach.

2. Abu Trica Extradited to US Over $8m Romance Scam

  • Appears in: Daily Guide, Ghanaian Times, The New Publisher
  • Summary: Socialite Abu Trica has been extradited to the United States to face charges related to an alleged $8 million romance fraud scheme. The extradition happened despite a lack of a court order reversing the decision on the Black Volta project (mentioned in related coverage).

3. GJA Gives NDC Chairman Seven Days to Apologise Over Obaatanpa Radio Attack

  • Appears in: Supreme, Daily Guide
  • Summary: The Ghana Journalists Association (GJA) has given the Central Regional Chairman of the NDC a seven-day ultimatum to apologise for an attack on Obaatanpa Radio. The incident has sparked significant backlash.

4. Gomoa East NPP Rallies Behind Francis Mensah for Chairman

  • Appears in: Supreme, The Ghanaian Publisher, The Custodian, The Metro Lens
  • Summary: The Gomoa East Constituency of the NPP is rallying to elect Francis Mensah as the next Constituency Chairman. This grassroots movement is a major story across multiple papers.

5. Azumah Resources Denies Reversal of Black Volta Project Ownership

  • Appears in: News Centa, The Chronicle, Daily Guide
  • Summary: Azumah Resources Ghana Ltd has refuted false media reports claiming that an ICC ruling reversed the acquisition of the Black Volta project. They insist they still own the project, calling the reports “a big lie.”

6. Amankwaa Donates GHC 100,000 Seed Fund to Ayawaso West NPP

  • Appears in: Supreme, News Centa
  • Summary: Samuel Owusu Amankwaa has donated GHC 100,000 as a seed fund to the Ayawaso West Wuogon NPP constituency ahead of the election of new executives.

7. North Dayi Boils Over: “Joycelyn Must Go” Protests

  • Appears in: Supreme
  • Summary: Residents of North Dayi are up in arms, with protests erupting under the banner “Joycelyn Must Go.” The protesters are chanting “Enough is Enough” over local grievances.

8. NHIA Cracks Down on Illegal Charges in Eastern Region

  • Appears in: The Metro Lens
  • Summary: The National Health Insurance Authority (NHIA) has launched a crackdown on illegal charges being imposed on patients in the Eastern Region. The NHIA Boss is leading the effort.

9. $208m Methamphetamine Scandal

  • Appears in: The Ghanaian Publisher, The Custodian
  • Summary: An MP is demanding the prosecution of officials involved in a $208 million methamphetamine scandal. There are also calls for the government to name officials implicated, with accusations of a cover-up.

10. National Sanitation Exercise and Flood Recovery Clean-Up

  • Appears in: Supreme, The Punch, The New Publisher, News Centa
  • Summary: A nationwide clean-up exercise is underway to aid flood recovery, with various political figures and MCEs rallying residents to participate. The exercise is scheduled for the weekend, with a focus on recovery from recent floods.
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President Mahama Backs Tighter Checks on His Own Office in Upcoming Constitution Vote

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President John Dramani Mahama has announced that Ghana’s Cabinet will meet on Friday, July 10, 2026, to finalise the government’s position paper on constitutional reform.

The process is expected to recommend significant curbs on executive power, including tighter checks on the presidency itself.

The reforms stem from a year-long nationwide consultation conducted by the eight-member Constitutional Review Committee (CRC), chaired by Professor Henry Kwasi Prempeh, which submitted its final report to the President in December 2025.

The committee’s report, titled “Transforming Ghana: From Electoral Democracy to Developmental Democracy,” addressed perennial governance challenges and recommended measures to strengthen institutional checks and balances.

Speaking at the Jubilee House on Tuesday during a farewell ceremony for Switzerland’s outgoing Ambassador to Ghana, Simone Giger, President Mahama confirmed that significant progress had been made.

“I am pleased to inform you that we have made significant progress. Cabinet is scheduled to meet on Friday to finalise the Government’s Position Paper on the Constitutional Review,” President Mahama said.

He explained that once Cabinet concludes its work, the Legal Counsel and the Attorney-General would take one or two weeks to consolidate the document. It would then be handed over, together with the CRC’s report, to the Constitutional Review Implementation Committee to begin implementation.

President Mahama described the 1992 Constitution as one of the finest Ghana has ever had, noting that it had provided the foundation for the Fourth Republic — the longest-serving republic in the country’s history.

“We therefore believe that any amendments to the Constitution should strengthen it further and ensure that it remains a living document capable of serving Ghana effectively for the next three decades and beyond,” he said.

The Constitutional Review Committee’s recommendations are understood to include proposals to separate the Executive from the Legislature — preventing Members of Parliament from being appointed as ministers — as well as measures to decentralise power and enhance accountability.

The committee also recommended amendments to Chapter 25 of the Constitution to introduce a third route for amending entrenched provisions.

Ambassador Giger, who has supported the constitutional reform process throughout her four-year tenure in Ghana, welcomed the progress.

“We have always rooted for Ghana because we genuinely believe that constitutional reform is central to the country’s future development,” she said, adding, “If Ghana succeeds in adopting a truly people’s constitution, one that decentralises power, strengthens checks and balances on the Executive, and incorporates the many important reforms currently under consideration, I believe the future of this country will be exceptionally bright.”

President Mahama also used the occasion to acknowledge Switzerland’s support for Ghana’s small and medium enterprises, particularly in agro-processing and agribusiness, an area he described as one of the missing links in the country’s agricultural value chain.

The constitutional review process, initiated in 2025, follows two previous attempts that failed to build sufficient consensus for significant change.

The government has pledged to establish the Constitutional Review Implementation Committee to oversee the roll-out of the reforms.

Once the position paper is finalised and consolidated, it will be made public and subjected to the necessary constitutional and parliamentary scrutiny.

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