Nigeria,Kenya follow Ghana’s trailblazing Goldbod to strengthen economies

As Ghana’s Gold Board (GoldBod) continues to record significant gains, several African countries are looking to Ghana’s experience and best practices as they seek to strengthen their own gold industries.

Nigeria and Kenya are among the latest countries exploring approaches similar to Ghana’s gold trading model, with the aim of using gold to strengthen their economies and support foreign exchange stability.

Recently, a high-level delegation from Kimberly Process Management in Mozambique concluded a two-day study visit to Ghana to learn from the country’s experience in establishing and managing institutions that regulate gold trading and certification.

The visit focused on the work of the Ghana Gold Board, which has become a central player in Ghana’s mineral economy.

With Nigeria and Kenya also exploring similar strategies, the countries are seeking to strengthen their central bank gold reserves and reduce pressure on their respective currencies.

From January to mid-October 2025, GoldBod recorded approximately US$8 billion in foreign exchange earnings from small-scale gold exports.

This significant revenue stream is expected to strengthen Ghana’s foreign reserves and support the country’s broader economic recovery efforts.

The US$8 billion in earnings represents a substantial increase from the US$4.61 billion recorded in 2024 and nearly four times the US$2.19 billion achieved in 2023.

In Kenya, the Central Bank of Kenya has already held discussions with the Bank of England on matters including bullion storage.

According to Bloomberg, the Central Bank of Kenya’s Governor said the plan to incorporate gold into the country’s reserves is intended to diversify its foreign reserve holdings and help reduce pressure on the Kenyan shilling.

The strategy is also aimed at reducing Kenya’s reliance on the US dollar and strengthening overall economic stability.

In Nigeria, the Federal Government has announced plans to strengthen the country’s foreign reserves through a strategic gold acquisition programme by the Central Bank of Nigeria, with the broader objective of reducing reliance on dollar-based reserve accumulation.

Nigeria’s Minister of Solid Minerals Development, Dr. Oladele Alake, disclosed the initiative at the 10th edition of Nigeria Mining Week in Abuja.