A process for the production of methanol comprising contacting a gaseous mixture of carbon monoxide and hydrogen with a catalytic system, obtainable by combination of:component (a): a substantially dry nickel formate,component (b): water in a predetermined amount in relation to the nickel formate amount and,component (c): an alcoholate derived from an alkali metal or from an alkaline earth metal, and activation the combined components,and a catalyst system to be used in this process.Preferably the molar ratio between nickel formate and water is in the range from 1:3.5 to 1:1 and more preferably from 1:3.0 to 1:1.5.