As global economic uncertainty continues to challenge traditional financial systems, African central banks are increasingly turning to gold as a safe and strategic reserve asset. In the first quarter of 2025, seven African nations have emerged as key holders of gold reserves, signaling a broader continental trend toward economic self-reliance and currency stability.
Gold’s Timeless Appeal
Gold has long been valued for its ability to retain value, especially during periods of inflation, currency devaluation, or geopolitical tensions. For African economies often exposed to global market volatility, strengthening gold holdings offers both financial resilience and increased investor confidence.
Top African Gold-Holding Central Banks (Q1 2025)
According to recent figures, the following seven countries currently top Africa’s gold reserve rankings:
Rank Country Gold Reserves (Tonnes)
1 Algeria 173.56
2 Libya 146.65
3 Egypt 128.00
4 Ghana 31.01
5 Mauritius 12.42
6 Tunisia 6.84
7 Kenya 0.02
North African countries dominate the list, with Algeria firmly in the lead. These nations have traditionally held substantial gold stocks as a hedge against currency fluctuations and to ensure long-term monetary credibility.
Sub-Saharan Resilience
Ghana, the only sub-Saharan country among the top seven, holds over 31 tonnes of gold. As one of the continent’s leading gold producers, Ghana’s central bank strategy aligns with its mining strength—combining natural wealth with prudent fiscal planning.
Other countries like Mauritius, Tunisia, and Kenya maintain smaller but significant reserves, often aimed at portfolio diversification and safeguarding against future shocks.
A Continental Trend
This surge in gold accumulation is part of a broader global shift. Central banks worldwide have ramped up gold purchases, with over 1,000 tonnes added in 2024 alone. In Africa, the move reflects a growing desire for monetary sovereignty and reduced dependence on foreign currencies, particularly the US dollar.
As inflation pressures rise and political tensions persist worldwide, Africa’s approach to gold is not just about wealth storage—it’s about building financial independence and credibility on the world stage.