Business News of Tuesday, 3 March 2026Source: www.ghanaweb.comUganda has become the latest country in Africa to adopt Ghana's pioneering lead of its central bank buying domestic gold to boost reserves and the economy. The Bank of Ghana following the initiative of former Vice President, Dr Mahamudu Bawumia in 2022, became an African pioneer in Central Bank gold purchasing initiative to boost national reserves, an initiative which has since been commended and emulated by many other African countries. Today, Uganda’s central bank said it will begin its own domestic gold purchasing programme this month, joining a growing number of central banks worldwide that are boosting their gold holdings amid rising prices. Apart from Uganda, Kenya and Nigeria, Rwanda and Zambia have also followed Ghana's example by announcing their Central Bank's gold purchasing programmes to boos their reserves. Meanwhile Ghana has renamed its gold for Reserves programme to Ghana Accelerated National Reserve Accumulation Program, following a bill to Parliament.

Source: GhanaWeb March 03, 2026 13:01 UTC