Ghana’s gold reserves have experienced unprecedented growth under the Akufo-Addo administration, surging from 8.7 metric tonnes in 2016 to 72 metric tonnes in just eight years.
This revelation was made by Dr. Frank Bannor, Lecturer at GIMPA and Head of Research at the Danquah Institute, during the ABC Economic Symposium on December 2, 2024, at GNAT Hall.
He described this as a historic achievement, noting that Ghana’s reserves remained stagnant at 8.7 metric tonnes from independence in 1957 until 2016.
“This growth is a testament to the government’s strategic focus on resource management. From 1957 to 2016, our total gold reserves were about 8.7 metric tonnes. Today, in just eight years, we have achieved 72 metric tonnes,” Dr. Bannor said.
He further emphasized that sustaining this progress will require intensifying the local gold purchase program, as reliance on dollar reserves may no longer suffice for long-term economic stability.
The symposium, themed “A Guide to a Better Choice”, also addressed broader economic policies, including job creation, tax reforms, and education.
Dr. Edwin Alfred Nii Obodai Provencal, Managing Director of BOST, highlighted the expansion of Ghana’s tax base, which has grown from 3 million to nearly 13 million taxpayers under the current administration.
He stressed the importance of formalizing the informal sector, stating, “Over time, those in the informal sector will integrate as they do business with formal entities, ensuring equitable tax contributions.”
Experts at the symposium underscored the significance of maintaining robust gold reserves as a hedge against global economic uncertainties.
Dr. Bannor reiterated that relying on gold rather than dollar reserves provides stability, positioning Ghana for sustained economic growth.
The event brought together thought leaders to discuss strategies for building a resilient and inclusive economy, highlighting the importance of balancing fiscal discipline with development priorities.
