Browsing Tag

Gold

Zimbabwe’s ZiG Soars to Record High with Gold and Forex Reserves

In June, Zimbabwe reached a significant milestone: its gold and foreign-currency reserves backing the newly minted bullion-backed currency, the ZiG (Zimbabwe Gold), hit a record high. As reported by the central bank, this development not only signifies a turn in economic fortunes for the nation but also hints at the resilience of a country striving to lift itself from the depths of financial despair. The reserves surged impressively to $731 million—up from $639 million in May and almost tripling from the $276 million…

Mali Unveils Plan to Auction $100 Million in Confiscated Gold

The recent sale of gold marks the resumption of operations at a significant mining site, which had been dormant for nearly six months due to a prolonged disagreement between Barrick Gold and the Malian government. In the world of mining, disruptions like these often send ripples through local economies, drawing attention from investors and the public alike. As operations begin anew, one can't help but wonder: what does this mean for Mali, its economy, and its future collaborations with foreign investors?…

Mid-2025: The 10 African Nations Leading in Foreign Exchange and Gold Reserves

The Significance of Foreign Exchange and Gold Reserves in Africa In today's interconnected world, the economic decisions of one country can have far-reaching consequences for another. For many African nations, maintaining high foreign exchange and gold reserves has become essential not just for economic stability but also for enhancing geopolitical influence and resilience. These reserves serve as a crucial safety net against the unpredictable tides of the global economy, which can often leave developing nations…

Prominent Gold Mining Initiative Launches in Ghana’s Upper West Region

Azumah Resources Ghana Limited has embarked on a significant journey with the launch of full-scale construction at its Black Volta Gold Mine, located in Ghana's Upper West region. This is not merely a new project phase; it's the culmination of years of meticulous preparatory work interlaced with unexpected delays and challenges. It’s a story many businesses can relate to—a climb marked by hurdles but driven by unyielding determination. The company, which proudly represents indigenous interests, is buoyed by both…

ZiG in Zimbabwe Achieves Record Surge Amid Rising Gold Reserves

Zimbabwe’s gold-backed currency, the ZiG, recently achieved a significant milestone by recording its largest single-day gain against the U.S. dollar in 2023. This remarkable change can be attributed to a surge in gold production alongside a bolstered reserve of foreign currency, reflecting a new chapter in Zimbabwe’s economic narrative. On Friday, the ZiG appreciated by 0.2%, trading at 26.89 per dollar. This shift was particularly noteworthy, considering it marked only the twelfth instance of the currency…

Ghana’s Gold Reserves Surge 8.05% to 32.99 Tonnes by June 2025

As we look toward the future, the Bank of Ghana (BoG) has demonstrated commendable progress in bolstering the nation’s economic foundations. By the end of June 2025, Ghana’s gold reserves had surged to a notable 32.99 tonnes, a significant leap from the 32.16 tonnes recorded just a month prior. This consistent growth underscores Ghana's strategic efforts to shore up its foreign exchange buffers and enhance economic stability. According to the latest statistics from the central bank, Ghana's gold reserves have appreciated…

Mali Completes Acquisition of Gold Mines Left by Foreign Firms

Mali has officially taken control of the Yatela and Morila gold mines—two sites that had previously been left abandoned by their foreign owners, according to a government announcement over the weekend. This significant move reflects a broader trend in West Africa, where military-led governments are increasingly asserting control over strategic natural resources in response to soaring gold prices. The aim? To invigorate local economies and lessen reliance on foreign entities. Gold is not just a shiny metal; it represents…

Australian Firm Celebrates First Gold Pour at Burkina Faso Mine

In an exciting development, the Australian-listed company has announced a significant milestone that arrived ahead of schedule and under budget. This achievement marks a robust beginning for what is expected to evolve into one of the region’s key gold operations, a testament to the careful planning and execution of the project. As reported by Miningmx, Richard Hyde, Executive Chairman of West African Resources, described the first golden pour from the Kiaka mine as “a major milestone” in their bold ambition to…

Burkina Faso Reports $18 Billion in Gold Revenue Under Traoré’s Leadership

Burkina Faso's Bold Gamble on Gold: A Nation Looks Inward OUAGADOUGOU, Burkina Faso — In a remarkable turn of events since the 2022 military takeover, Burkina Faso’s interim government proudly reports revenues of $18 billion stemming from its gold mining sector. Captain Ibrahim Traoré, the figure at the helm of this transformation, took power with a mission to reclaim the nation’s substantial natural wealth for its people. Gold, often romanticized and fraught with stories of both triumph and tragedy, is now…

Mali and Tatarstan Forge Ties on Military Technology and Gold Refinement

Mali's Strategic Shift: Strengthening Ties with Moscow The recent diplomatic journey undertaken by Mali's transitional leader, Colonel Assimi Goïta, underscores a pivotal moment in the country's foreign relations. His visit to Russia highlights the deepening ties between Mali and Moscow at a time when Mali is stepping away from traditional alliances, particularly with the Economic Community of West African States (ECOWAS). As Goïta embarks on this military transition, one must consider how these shifts are redefining…

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More