Gold reserves serve as a crucial buffer against currency volatility and play a vital role in reinforcing investor confidence, an especially important factor for regions frequently exposed to external financial shocks.
Today, central banks collectively hold around one-fifth of all the gold ever mined, underscoring gold’s lasting appeal as both a strategic asset and a symbol of monetary security. A recent survey by the World Gold Council revealed that two-thirds of central banks are purchasing gold to diversify their reserves, while nearly 20 percent cited protection against geopolitical and economic uncertainties, including the ripple effects of events like Russia’s invasion of Ukraine.
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By 2024, global central bank gold reserves had climbed to 36,000 metric tonnes, edging closer to the all-time peak of 38,000 tonnes recorded six decades ago—a testament to gold’s enduring relevance in global finance.
According to the latest World Gold Council (WGC) data for Q1 2025 here are the top 10 African countries with the most gold reserves
1. Algeria – 173.56 tonnes
Algeria remains the undisputed gold heavyweight of Africa. Its vast reserves, held primarily by the Banque d’Algérie, have long served as a financial cushion and symbol of monetary stability. With nearly 174 tonnes, Algeria’s hoard significantly outpaces all other African nations.
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2. Libya – 146.65 tonnes
Despite a decade of political turbulence, Libya’s gold reserves remain robust. The Central Bank of Libya maintains one of the continent’s largest stashes, which continues to play a strategic role in its financial system.
3. Egypt – 128.00 tonnes
Egypt’s central bank has steadily increased its gold holdings in recent years. Now firmly in third place, Cairo’s gold policy aligns with its ambition to be a regional economic leader.
4. Ghana – 31.01 tonnes
Ghana stands out as the highest-ranking Sub-Saharan African nation on the list. As one of the continent’s largest gold producers, Ghana has made modest but consistent efforts to shore up its official reserves, crossing the 30-tonne mark.
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5. Mauritius – 12.42 tonnes
This island nation may be small in size, but it punches above its weight in financial sophistication. Mauritius has steadily built up its gold reserves, reflecting its strong emphasis on economic resilience and foreign exchange stability.
6. Tunisia – 6.84 tonnes
Tunisia’s gold reserves are modest compared to North African neighbours, yet they remain a strategic asset. The Central Bank of Tunisia views gold as a vital hedge against inflation and currency volatility.
7. Kenya – 0.02 tonnes
Kenya closes the list with a symbolic 20 kilograms of gold in its official reserves.