As of Q1 2025, the top 7 African central banks with the largest gold reserves reveal a strong North African dominanceafrica.businessinsider.com. Global gold prices have surged – for example, gold surpassed $3,500 per ounce in April 2025africanleadershipmagazine.co.uk – so many African governments are bolstering their bullion holdings as a financial safeguard. Gold is prized for its safety and liquidity, and today central banks hold roughly one-fifth of all gold ever minedgold.org. These reserves serve as a counterbalance against inflation, currency volatility, and external shocks, helping central banks to diversify away from traditional reserve currenciesafricanleadershipmagazine.co.ukafricanleadershipmagazine.co.uk. The latest World Gold Council data (reported via Business Insider Africa) shows Algeria at the top with 173.56 tonnes of gold, followed by Libya (146.65t) and Egypt (128.00t)africa.businessinsider.comafricanleadershipmagazine.co.uk. We’ll unpack which countries make the list, why they’re buying gold, and what this trend means for their economies.Top 7 African Central Banks with the Largest Gold Reserves
Gold bars in a secure vault – a fitting image for Africa’s central banks, which rely on bullion as a strategic reserve asset. African nations are increasingly accumulating gold because of its stability and liquiditygold.orgafricanleadershipmagazine.co.uk. In fact, a recent World Gold Council survey found that 95% of central banks expect to increase or maintain their gold reserves over the next yeargold.org, reflecting gold’s enduring appeal as a safe-haven. Investors often flock to gold in uncertain times: in early 2025, geopolitical tensions and policy shifts drove global demand, causing prices to spikeafricanleadershipmagazine.co.uk. For many African economies – which face inflationary pressures, debt challenges and currency fluctuations – gold offers a hedge that paper assets alone cannot provideafricanleadershipmagazine.co.ukafricanleadershipmagazine.co.uk.
Key reasons African central banks value gold include:
- Reserve Diversification: Gold adds safety to foreign reserves. Central banks now hold about 20% of all mined goldgold.org, and many (66%) report buying gold to diversify their portfoliosafricanleadershipmagazine.co.uk.
- Inflation & Crisis Hedge: Gold traditionally holds value when inflation spikes or currencies slide. It provides a buffer during crisesafricanleadershipmagazine.co.ukafricanleadershipmagazine.co.uk.
- Monetary Sovereignty: Some African nations (e.g. Zimbabwe, Nigeria, South Sudan) explicitly boost gold to strengthen their monetary autonomyafricanleadershipmagazine.co.uk. Zimbabwe even launched a gold-backed digital token to restore trust and curb inflationafricanleadershipmagazine.co.uk.
- Credibility & Confidence: A strong gold stockpile signals stability to investors and rating agencies, enhancing a country’s financial credibilityafricanleadershipmagazine.co.ukafricanleadershipmagazine.co.uk.
These global trends are clearly reflected in Africa. The chart below (based on World Gold Council data) shows the top 7 African central banks by gold reserves in Q1 2025:
| Rank | Central Bank (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 |
Source: World Gold Council Q1 2025 data (via Business Insider Africaafrica.businessinsider.com; confirmed by African Leadership Magazineafricanleadershipmagazine.co.ukafricanleadershipmagazine.co.uk).
Above, Algeria, Libya and Egypt clearly lead the list. Algeria’s 173.56 tonnes of gold reserves dwarf those of any other African countryafrica.businessinsider.com. As one report notes, “Algeria remains Africa’s gold giant” with nearly 174 tonnes in its central bank vaultsbusinesselitesafrica.com. Algeria’s economy – heavily dependent on oil and gas exports – has long used gold to diversify and protect its foreign reserves. In fact, Algeria’s historic approach places a high strategic value on gold, viewing it as a core asset to preserve wealthafricanleadershipmagazine.co.uk. Similarly, Libya holds 146.65 tonnes. Despite years of political turmoil, the Bank of Libya has maintained this large reservebusinesselitesafrica.com, using gold as a linchpin for financial trust. Egypt comes third with 128.00 tonnes. Egypt has steadily built its bullion over recent decades; its central bank sees gold as key to maintaining Egypt’s regional economic cloutbusinesselitesafrica.com.
Among sub-Saharan nations, Ghana is the standout, at 31.01 tonnes. As Africa’s top gold-producing country, Ghana turns much of its mineral wealth into official reservesbusinesselitesafrica.com. In practice, Ghana’s central bank gradually adds to its gold stockpile to bolster foreign exchange resilience. This steady accumulation – reaching 31.01t – makes Ghana the highest-ranked sub-Saharan holderafrica.businessinsider.combusinesselitesafrica.com. Ghana’s strategy exemplifies how a gold-rich economy can translate production into financial stability.
The remaining three top-7 countries hold more modest amounts, reflecting their smaller economies or strategic choices. Mauritius holds 12.42 tonnesbusinesselitesafrica.com. This Indian Ocean island nation may be a small landmass, but its well-developed financial sector uses gold to back foreign reserves and support currency stabilitybusinesselitesafrica.com. Tunisia maintains 6.84 tonnes. Although much smaller than its North African neighbors, Tunisia treats its gold as a safeguard against inflation and currency riskbusinesselitesafrica.com. Finally, Kenya rounds out the list with only 0.02 tonnes (20 kilograms)businesselitesafrica.com. While tiny, Kenya’s gold holdings mark the start of a diversification effort in East Africa’s largest economy.
In summary, this ranking highlights two key insights:
- North Africa Leads: Algeria, Libya and Egypt together hold the vast majority of Africa’s official gold. Their central banks have long prioritized bullion for economic securityafricanleadershipmagazine.co.uk.
- Resource-Rich Sub-Sahara: Ghana’s presence (fourth with 31t) underscores a pattern: African gold producers often become major reserve holders. By contrast, countries like Nigeria (with smaller reserves) have yet to make gold a bigger part of their official strategy.
These trends fit a broader narrative. In 2024, global central bank reserves hit ~36,000 tonnesafricanleadershipmagazine.co.uk, close to an all-time peak, as institutions worldwide doubled their gold purchases. The World Gold Council notes that over 20 central banks plan to boost gold holdings this yearafricanleadershipmagazine.co.uk. African central banks appear poised to stay in step. Many have explicitly stated goals of increasing gold reserves to enhance financial independenceafricanleadershipmagazine.co.ukafricanleadershipmagazine.co.uk. For example, beyond this top-7 list, nations like Zimbabwe and Nigeria are actively increasing reserves to stabilize their currencies. Zimbabwe even introduced gold-backed digital tokens to tackle extreme inflationafricanleadershipmagazine.co.uk. These moves signal a continent-wide shift toward using gold as a monetary anchor.
Conclusion: Africa’s largest gold reserves are heavily concentrated in the north – led by Algeria, Libya and Egypt – with Ghana as a notable sub-Saharan outlier. Smaller economies (Mauritius, Tunisia, Kenya) also hold gold to diversify and strengthen their reserves. As global volatility persists and central banks worldwide accumulate more bulliongold.orgafricanleadershipmagazine.co.uk, African nations are likely to continue this trend. Readers can follow these developments and assess their impact on African economies. What do you think about these countries’ gold strategies? Share your thoughts in the comments below or on social media. If you found this analysis useful, subscribe for more insights on Africa’s financial trends.
Call to Action: Join the conversation! 📢 Comment below to discuss which African central bank might boost its reserves next, and be sure to share this post with your network. Don’t miss out on future updates – subscribe now for fresh economic analysis.
;
