Gold

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…

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 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…

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'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'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…

The military government of Mali is embarking on an ambitious campaign to consolidate control over its gold industry, a sector long dominated by foreign enterprises. Recent developments suggest a significant shift, characterized by a decisive push to reclaim authority from multinational operators, particularly in light of support from Russia. The junta's actions signal a broader intent to stimulate local processing capabilities, moving away from reliance on foreign entities. In a striking move, a Malian court recently…

Mali is forging a new path in its quest for economic autonomy. Recently, the country began the construction of a state-of-the-art gold refinery, powered by Russian backing. This strategic initiative, championed by its military-led government, aims to enhance the nation's control over its precious natural resources. But what does this really mean for Mali and its future? The newly established refinery is set to be a significant player in Mali's economy, with the Malian government holding a majority stake of 62%.…

On a recent Monday, Judge Issa Aguibou Diallo made a pivotal ruling that has shifted the course of one of Africa's most precious mining assets. He instructed that Zoumana Makadji, a chartered accountant and former Malian Minister of Health, be appointed as a provisional administrator within 15 days. This critical move effectively places operational control of the mine into the hands of an external authority, prompting questions about the future of this vital resource. Dispute Over Taxation…

Gold Reserves: A Pillar of Financial Stability in Africa In today's unpredictable financial landscape, gold reserves stand as a beacon of stability. They serve not just as a buffer against currency volatility, but also as a cornerstone of investor confidence—a vital asset for nations especially susceptible to external economic shocks. The importance of gold cannot be overstated; it has historically provided a sense of security as well as a tangible representation of wealth and economic strength. As stated by…