Ghana’s gold reserves have soared to 32.99 tonnes as of June 2025, marking a significant milestone in the Bank of Ghana’s ongoing strategy to strengthen the country’s financial resilience and diversify its foreign reserves.

Fresh data from the central bank reveals a steady month-on-month increase — up from 31.37 tonnes in April and 32.16 tonnes in May. This growth represents a dramatic leap from the 8.78 tonnes recorded in May 2023, nearly quadrupling in just over a year.

The upward trend underscores the Bank of Ghana’s commitment to increasing its gold holdings as part of a broader move to reduce dependency on traditional foreign currencies, especially the U.S. dollar.

As the continent’s top gold producer, Ghana has also intensified efforts to formalise its small-scale mining sector. This initiative aims to retain more domestically mined gold for national use, supporting long-term economic development.

Ghana’s gold accumulation strategy aligns with a global trend among central banks, many of which are turning to gold as a hedge against currency volatility and rising geopolitical uncertainties.

The African Development Bank (AfDB) has approved a $474.6 million loan to South Africa to help upgrade its transport and energy infrastructure. This marks the second major infrastructure loan for the country in recent weeks, following a $1.5 billion agreement with the World Bank in June.

The AfDB’s financial support is aimed at enhancing energy efficiency and implementing critical rail sector reforms, the bank said in a statement on Tuesday.

South Africa, Africa’s most industrialized economy, has been grappling with persistent power outages, deteriorating railway networks, and heavily congested ports for over a decade. These issues have severely impacted key sectors such as mining and automobile manufacturing, stalling economic growth.

The AfDB loan is part of a broader international financing package to support South Africa’s infrastructure revival. Additional contributions include €500 million ($590.75 million) from German development bank KfW, up to $200 million from the Japan International Cooperation Agency (JICA), and $150 million from the OPEC Fund for International Development.

The combined effort signals a coordinated international commitment to revitalizing South Africa’s critical infrastructure and supporting long-term economic stability.

The Bank of Ghana (BoG) has issued a public warning about the operations of several Money Transfer Organisations (MTOs) that are conducting business in Ghana’s remittance and foreign exchange markets without the required authorization.

In a statement released on Friday, June 27, the central bank disclosed that it had identified multiple entities operating in violation of existing financial regulations. The BoG cautioned individuals, commercial banks, Dedicated Electronic Money Issuers (DEMIs), and Enhanced Payment Service Providers (EPSPs) to avoid transacting with these unlicensed organisations.

The unauthorised MTOs listed by the BoG include:

1. ACE Money Transfer

2. Remit Union

3. Remit Home

4. Roze Remit

5. Monty Global

6. Nairagram

7. i-Transfer

8. Hurupay

9. Eversend

10. Izi Send

Citing Section 3.1 of the Foreign Exchange Act, 2006 (Act 723), the BoG emphasized that no individual or entity may deal in foreign exchange without a valid license. Additionally, Section 15.3 of the Act mandates that all international money transfers to and from Ghana must be processed through a licensed and authorised service provider.

The central bank reaffirmed its dedication to maintaining the integrity of Ghana’s financial system and urged the public to conduct all foreign exchange and remittance transactions exclusively through licensed institutions.

The full statement from the Bank of Ghana can be found below.