From Ghana’s new gold refinery to Zimbabwe’s gold-backed currency, African states are rethinking how to safeguard value in uncertain times. The renewed rush for gold isn’t just about finance; it’s about freedom. Dr. Marvellous Ngundu, an economist and senior research consultant with the Institute for Security Studies in Pretoria, South Africa, believes this global turn toward gold reflects deeper political and historical forces. It is an effort to rewrite who controls the language of money.
He observed that countries across the Global South are not only diversifying reserves, but symbolically reclaiming agency over financial decisions long influenced by Western institutions. Ngundu said this shift represents both economic prudence and a quiet assertion of sovereignty.
“It is an effort to reduce dependency on policy decisions made in Washington or Brussels. For instance, India’s recent gold purchases are about economic prudence and sovereignty signaling […] In many African and Global South countries, holding gold means having zero risk and verified liquidity, uncorrelated to shocks outside Africa. But equally, it is symbolic; we are no longer dependent on whatever decisions America makes,” Dr. Ngundu explained.
To listen to the whole conversation, tune in to the Global South Pole podcast, brought to you by Sputnik Africa.
In addition to the website, you can also catch our episodes on Telegram.
► You can also listen to our podcast on Apple Podcasts, Spotify, Deezer, Castbox, Pocket Casts, Afripods, Podcast Addict, Overcast, and Mave Stream.
► Check out all the episodes of Global South Pole.