June 18, 2025
North African nations are still dominating the continent in their gold reserve supply.
With the global economy facing new shifts almost daily, many banks are relying on their gold reserves to remain stable. As the element’s value reaches a record high, these African central banks currently hold the largest gold reserves on the continent.
The latest World Gold Council report lists seven African countries whose central banks boast a formidable amount of gold. Their growing reserves seek to combat economic fluctuation, given gold’s high return on investment and its relative defense against currency devaluation. Furthermore, a bank’s amount of gold in its stock helps its credibility in the global finance sector.
The report’s Q1 findings, obtained by Business Insider Africa, revealed that North African countries are leading the gold holdings on the continent. Algeria currently dominates this list, with 173.566 tonnes. Fellow regional neighbors follow, with Libya and Egypt holding 146.65 and 128 tonnes, respectively.
The news outlet also reported that many countries in the region have entered the trend of buying more gold. The effort aims to increase and maintain financial independence, with plans to purchase more this year. Other nations are paying attention as prices climb.
This influx has led to an increased cost for an ounce of the precious metal. It skyrocketed to over $3,500 an ounce in April, a jump prompted by rattled investors over President Donald Trump’s critique of Federal Reserve Chair Jerome Powell.
Next on the list is the West African country of Ghana, although it holds a significantly lower amount of gold at 31.01 tonnes. However, the country is already known as a top gold producer in Africa, leading to its placement right after the Northern nations. Rounding out the top 7 includes Mauritius, Tunisia, and Kenya, all with modest amounts of gold tonnes.
The move to purchase more gold has steadily risen over the past year as well. Gold reserves in 2024 reached 36,000 metric tons, just a few thousand off the record high from 60 years ago. Central banks around the world have also purchased twice as much gold as the previous decade’s average, as detailed by a report from the European Central Bank.
However, as these countries establish financial sovereignty in their banking systems, their citizens are facing potential reductions in their quality of life. Several major cities throughout the continent have decreased purchasing power. In Ghana, despite its strengthened gold reserves, inflation is still impacting its nationals.
RELATED CONTENT: Building the Bridge Between Africa and Silicon Valley
