- Algeria has the largest gold reserve (173.56 tonnes) in Africa and is 20th in the world.
- Gold reserves act as financial security, offering stability in times of economic uncertainties.
- Several African countries are stepping up to increase their reserves to bolster their currency reserves and hedge against inflation.
- Gold reserves by country in Africa is the courtesy of the World Gold Council (periodically updated)
Gold reserves are vital components of African economies, acting as a safe-haven asset, especially during economic uncertainties because they retain their value even when markets are unstable.
Gold reserves can help hedge against inflation and currency fluctuations, making them an essential component of African central banks’ reserve management strategies. They stabilize economies and cushion against crises, such as consumer price index high rises.
African economies are facing several economic challenges, including currency devaluations, geopolitical instabilities, unpredictable shifts in markets, and inflation, making it even more difficult to advance their income statuses.
Countries with substantial gold reserves often stay strong and have high chances of building investor’s trust, thus attracting more foreign investment and depending less on foreign currencies.
To mitigate such unpredictabilities, African central banks are turning to gold to protect themselves from economic crises and to diversify their financial portfolios.
Several African countries have turned to gold to ease pressure on their local currencies. For instance, in 2022, Zimbabwe introduced a gold-backed currency to ease inflation and volatility in foreign aid exchange.
VOA reported in November 2022 that Ghana was considering purchasing oil from other countries using gold to alleviate pressure on the cedi, which had deeply depreciated against the U.S. dollar, increasing the foreign debt by USD 6 billion in that year alone.
Other African countries that have considered increasing their gold reserves are Uganda, Tanzania, and Nigeria. Both Uganda and Tanzania have initiated steps to buy gold from artisanal miners, bolstering their foreign currency and gold reserves.
Algeria has the largest gold and foreign currency reserves in Africa as of 2025. According to the World Gold Council, Algeria has 173.56 tonnes and is ranked 20th globally after Singapore.
Both Libya and Egypt round up the top 3 positions with gold reserves of 146.65 and 126.82 tonnes, respectively. No East African nation appears on the top 10 list, as the 10th position is taken by Mozambique at 3.94 tons.
