Business
Historic Shift: Gold Overtakes US Dollar as World’s Premier Reserve Asset – This is What it Means for Ghana
In a historic turning point for the global financial system, gold has surpassed the US dollar to become the world’s largest reserve asset.
This seismic shift, according to the Economic Times, marks the first time since 1996 that foreign central banks collectively hold more gold than US Treasuries. It signals a profound recalibration of how nations safeguard their wealth, driven by a sustained flight to safety amid geopolitical tensions, trade wars, and currency volatility.
The Numbers Behind the Shift
Global central bank gold reserves rose by approximately 15 percent in 2025 compared to the previous year. Major buyers leading this charge include the central banks of China, India, Turkey, and several Middle Eastern nations—countries increasingly seeking to diversify their reserves away from dollar-denominated assets.
This trend accelerated following global trade conflicts that, paradoxically, had initially boosted the dollar’s appeal. While the greenback saw a major surge in assets from mid-2025, surpassing previous records, the momentum has now decisively turned toward gold.
Why Gold, Why Now?
The enduring appeal of gold lies in its fundamental characteristic: it is no one’s liability. Unlike a currency backed by a single government, gold’s value is not subject to the political or economic fortunes of any one nation. This independence makes it a reliable hedge during periods of uncertainty.
The price of gold reflected this newfound demand. In January 2026, it hit a record high of $5,300 per ounce, smashing previous all-time records. This surge followed signals from the Trump administration that it was unconcerned with a weaker dollar, reinforcing gold’s status as a preferred hedge against currency devaluation and headline inflation.
A Turning Point in Reserve Management
For decades, the US dollar has been the cornerstone of global reserves, backed by the size and strength of the American economy and its treasury market. However, the accumulation of gold by central banks represents a strategic shift toward diversification.
Analysts view this as a long-term realignment rather than a temporary reaction. By holding more gold, nations protect themselves against the risk of dollar weakness, Western financial sanctions, or instability in traditional currency markets. The move also reflects growing confidence in gold as a liquid, durable store of value that can be called upon in times of crisis.
What This Means for Ghana: A Producer’s Moment

For Ghana, Africa’s leading gold producer, this global realignment carries profound implications. The country’s gold sector, which includes major industrial miners alongside a significant small-scale and artisanal industry, is poised to become even more strategically important.
1. Increased Strategic Value of Domestic Reserves:
As gold cements its role as a premier reserve asset, Ghana’s own gold holdings—both above ground and in the earth—gain enhanced significance. The Bank of Ghana has previously pursued policies to buy gold from local producers to bolster reserves, a strategy that now aligns perfectly with global trends. A “Domestic Gold Purchase Programme” could become a cornerstone of monetary policy, strengthening the cedi and providing a buffer against external shocks.
2. Attracting Investment and Enhancing Bargaining Power:
The rising strategic importance of gold could make Ghana a more attractive destination for exploration and mining investment. International mining companies may view projects in stable, resource-rich jurisdictions with increased favor. Furthermore, Ghana’s position as a key supplier could afford it greater leverage in negotiating more beneficial terms with global partners, ensuring that more value from its finite resources accrues to the nation.
3. The Urgency of Value Addition:
The shift also sharpens the imperative for Ghana to move up the value chain. The global market increasingly values not just the raw material but also refined, high-purity gold. Investing in local refining capacity would allow Ghana to capture a larger share of the profits and exert greater influence over the gold that enters the international reserve system. This aligns with the government’s broader industrialization agenda and local content policies.
4. A Hedge Against Global Volatility:
For an economy like Ghana’s, which is vulnerable to commodity price swings and currency pressure, the fact that the world’s most important asset is also its most abundant resource provides a unique advantage. Gold offers a stable foundation upon which to build a more resilient economy, provided the sector is well-managed, transparent, and sustainable.
The Global Context
The largest producers of gold today are China, Australia, the United States, South Africa, Peru, Russia, and Indonesia. Meanwhile, the biggest consumers of gold jewelry—a significant component of physical demand—are India, China, Turkey, the United States, Saudi Arabia, Russia, and the UAE. This geographical spread underscores gold’s universal appeal across both developed and emerging economies.
A New Financial Landscape
The ascension of gold to the top of the reserve asset hierarchy does not spell the end of the US dollar’s dominance. The greenback remains the world’s primary medium of exchange and unit of account for international trade. However, the shift signals a new, more multipolar financial landscape.
Central banks are no longer content to rely on a single asset class or currency. By elevating gold to the top of their reserve portfolios, they are building a bulwark against an uncertain future—one where the stability of a physical, time-tested asset provides a counterweight to the volatility of the digital and political age.
For Ghana, this new world order presents a clear choice: to be a passive supplier of a raw commodity or an active player in a market where its most abundant resource has just become the world’s most desired store of value.
Business
Ukraine Eyes Major Wheat Flour Production Facility in Ghana to Tap Into West Africa’s Growing Market
The Ukrainian government is actively exploring establishing a wheat flour production facility in Ghana, a move aimed at strengthening bilateral agricultural cooperation and expanding Kyiv’s foothold in West Africa’s rapidly growing wheat market.
The proposal was disclosed following a high-level meeting on April 8, 2026, in Accra between Ghana’s Minister of Food and Agriculture, Eric Opoku, and Ukraine’s Deputy Minister of Agrarian Policy and Food, Denys Bashlyk.
Officials described the proposed industrial project as an extension of a Memorandum of Understanding (MoU) signed between the two nations in November 2025. That agreement seeks to create a hub for processing and distributing Ukrainian agricultural products in Ghana and the broader West African region.
Strategic Push into a Booming Market
While specific details—including the plant’s location, investment cost, and production capacity—have not yet been made public, the initiative is expected to boost Ghana’s domestic wheat processing capabilities significantly.
Ghana’s demand for wheat-based products—including bread, biscuits, pasta, pastries, instant noodles, and pizza—has been rising steadily. According to data from the United States Department of Agriculture (USDA), Ghana’s wheat imports surged by 56.7% over four years, rising from 697,309 tonnes in 2022 to 1.09 million tonnes in 2025.
For Ukraine, the project represents a strategic opportunity to gain a stronger presence in the Ghanaian market, where it currently has little footprint. As the world’s fifth-largest wheat exporter—after Russia, Canada, the United States, and Australia—Ukraine exported approximately 20.6 million tonnes of wheat in 2024.
From Raw Exports to Value-Added Processing
The development highlights growing interest by Eastern European agricultural powerhouses in investing directly in African processing infrastructure.
Rather than relying solely on raw commodity exports, countries like Ukraine are seeking to reduce dependence on volatile global markets by establishing local milling and distribution networks.
Such investments allow producer nations to capture more value along the supply chain while helping African nations reduce their reliance on imported finished products. For Ghana, a local Ukrainian-backed flour mill could stabilize supply, create jobs, and potentially lower costs for consumers.
Officials from both sides have indicated that feasibility studies are underway, with further announcements expected once technical and financial assessments are complete.
The project aligns with Ghana’s broader agenda to enhance food security, attract foreign direct investment in agriculture, and position itself as a regional agro-processing hub.
Business
Netherlands Reclaims Position as World’s Top Exporter of Cocoa Products, Ghana Remains Key Supplier
Amsterdam, Netherlands – The Netherlands has overtaken Germany to become the world’s leading exporter of cocoa products in 2025, recording €12.4 billion in exports, according to new data from Statistics Netherlands (CBS).
The sharp rise in export value was driven by elevated global cocoa prices and strong international demand for semi-processed cocoa products used in chocolate manufacturing.
Nearly three-quarters of Dutch cocoa exports consist of intermediate goods such as cocoa butter, cocoa powder, and chocolate liquor, which are shipped to manufacturers across Europe and North America.
Germany remains the largest single market for these exports, followed by Belgium, France, the United Kingdom, and the United States.
West African countries, particularly Côte d’Ivoire and Ghana, continue to serve as critical suppliers of raw cocoa beans feeding Dutch processing hubs, especially around Amsterdam and the Zaanstreek industrial area.
The sustained high prices have been linked to poor harvests in West Africa caused by adverse weather conditions in recent years.
For Ghana, the development underscores its continued strategic importance in the global cocoa supply chain.
However, it also highlights the longstanding imbalance in the industry, where African nations primarily export raw beans while European processors capture the majority of the value through further processing and re-export of higher-value products.
Economists argue that while Ghana benefits from strong demand for its beans, greater investment in local processing capacity and industrialisation is needed to retain more value domestically and reduce heavy reliance on raw commodity exports. The Netherlands’ dual role as a major importer of raw beans and leading exporter of processed cocoa products further cements its position as Europe’s cocoa trading powerhouse.
Business
Ghana Nears Approval of Cannabis Licences as Country Prepares to Launch Regulated Industry
Accra, Ghana – Ghana’s Narcotics Control Commission (NACOC) is in the final stages of reviewing applications for cannabis licences, with successful applicants expected to receive approval to begin operations soon, marking a significant milestone in the country’s efforts to develop a legal and regulated cannabis sector.
Deputy Director-General for Enforcement, Control, and Elimination, Alexander Twum-Barimah, disclosed this while speaking at the Kwahu Business Forum on Saturday.
He emphasised that the review process has been “thorough and deliberate” to ensure that only applicants who fully meet all legal, regulatory, and security requirements are granted licences. NACOC officials engaged with potential investors at the forum’s exhibition stand, providing details on various licence categories, including cultivation, processing, distribution, and export.
Mr Twum-Barimah stressed that the commission is committed to building a properly regulated industry that creates legitimate economic opportunities while maintaining strict controls to prevent misuse and illegal activities.
“The goal is to strike a balance between enabling economic development and safeguarding public health and security,” he said.
All licence holders will be subject to ongoing monitoring and compliance checks.
The development signals Ghana’s intention to harness the economic potential of cannabis through job creation, investment, and export revenue, while aligning with international best practices in regulation. Further updates on the licensing process are expected in the coming weeks.
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