As global financial tensions mount and major economies diversify away from traditional reserve currencies, Africa’s central banks are steadily increasing their holdings of one asset that needs no passport: gold. According to the World Gold Council’s 2025 Central Bank Gold Reserves Survey, several African nations are now holding meaningful quantities of gold, not just as a hedge against inflation, but as a strategic safeguard against systemic shocks and currency volatility.
Here’s a look at the Top 10 African countries by official gold holdings as of April 2025:
1. Algeria: 173.6 tonnes (22.3% of reserves)
Algeria tops the continent in total gold reserves. With 173.6 tonnes, gold plays a stabilizing role in its external reserves, offering a buffer against oil price swings and currency pressures.
2. Libya: 146.7 tonnes (16.2% of reserves)
Despite years of political and economic disruption, Libya retains a strong gold position. Its 146.7 tonnes act as a strategic cushion in a fragile macroeconomic landscape.
3. Egypt: 128.4 tonnes (29.7% of reserves)
Egypt’s central bank holds 128.4 tonnes of gold, increasingly important amid high inflation and a weakening local currency. Its share of gold in reserves is rising steadily.
4. South Africa: 125.5 tonnes (19.6% of reserves)
A historic global gold producer, South Africa’s 125.5 tonnes reflect a legacy of deep reserves, now complemented by steady central bank management despite falling annual output.
5. Ghana: 31.4 tonnes (48.5% of reserves)
Ghana holds 31.4 tonnes in official reserves, placing fifth in Africa. While the quantity is modest, gold makes up nearly half of Ghana’s total foreign reserves, one of the highest gold-to-reserve ratios in the world. This highlights gold’s central role in Ghana’s monetary strategy, bolstered by domestic gold-buying efforts and currency stabilization needs.
6. Morocco: 22.1 tonnes (6.1% of reserves)
Morocco’s gold holdings reflect a cautious but stable reserve posture. With 22.1 tonnes, it maintains a diversified reserve portfolio anchored by gold and hard currency assets.
7. Nigeria: 21.5 tonnes (6.4% of reserves)
Africa’s largest economy holds 21.5 tonnes of gold. Though relatively small in volume, gold’s role may grow as Nigeria faces persistent inflation and exchange rate volatility.
8. Tunisia: 6.8 tonnes (8.7% of reserves)
Tunisia’s 6.8 tonnes play a quiet but important part in its reserves. In a region of frequent economic shocks, gold offers both liquidity and credibility.
9. Mozambique: 3.9 tonnes (11.1% of reserves)
Mozambique’s official holdings total 3.9 tonnes, pushing it just ahead of Zimbabwe in the rankings. Gold accounts for over 11% of the country’s reserves, a significant share given its small economy.
10. Zimbabwe: 2.8 tonnes (47.4% of reserves)
Although Zimbabwe holds only 2.8 tonnes, gold represents nearly half its reserves, second only to Ghana on the continent. This reflects both high inflation risk and a need to preserve real value in foreign holdings.
Ghana’s Quiet Bet on Gold Stability
For Ghana, gold may not yet dominate by volume, but its significance is clear. With nearly half of its reserves now in gold, the Bank of Ghana is quietly aligning with a growing global trend: reducing exposure to external currencies and insulating national reserves against mounting geopolitical and financial risks.
As Africa’s leading gold producer, the question may no longer be whether to hold gold, but how much more to secure while global prices climb and financial systems fragment.
Across the continent, more central banks are making similar moves, quietly shifting gold from a passive reserve into a front line defense.
