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Top 5 African Central Banks with Largest Gold Reserves, Mauritius Holds 5th Spot
Gold reserves are a key tool for central banks to protect their currencies and boost investor confidence, especially in regions vulnerable to global financial shocks. Currently, central banks hold about 20% of all gold ever mined, underscoring gold’s importance as a strategic asset and a symbol of monetary stability.
A recent survey by the World Gold Council (WGC) shows that two-thirds of central banks are buying gold to diversify their reserves.
Nearly 20% of these institutions cited concerns over geopolitical and economic uncertainties, such as the global impact of Russia’s invasion of Ukraine.
As of 2024, global central bank gold reserves reached approximately 36,000 metric tonnes, nearing the record high of 38,000 tonnes set over 60 years ago, highlighting gold’s ongoing significance in world finance.
According to WGC data for the first quarter of 2025, here are the top five African countries with the largest gold reserves:
- Algeria – 173.56 tonnes
Algeria leads Africa with nearly 174 tonnes of gold held by its central bank, Banque d’Algérie. This large reserve acts as a financial buffer and supports the country’s monetary stability. Algeria’s gold holdings are significantly higher than those of any other African nation. - Libya – 146.65 tonnes
Despite ongoing political instability, Libya maintains one of Africa’s largest gold reserves. The Central Bank of Libya considers its gold holdings a vital asset for economic resilience. - Egypt – 128.00 tonnes
Egypt has been steadily increasing its gold reserves in recent years. The central bank’s strategy aims to strengthen the country’s position as a regional economic power. - Ghana – 31.01 tonnes
Ghana is Sub-Saharan Africa’s top gold reserve holder. As a major gold producer, Ghana has consistently built up its official gold reserves, recently surpassing 30 tonnes. - Mauritius – 12.42 tonnes
Though small in size, Mauritius has a sophisticated financial system. Its central bank has gradually increased gold holdings as part of efforts to ensure economic stability and foreign exchange resilience.
Source: The Nation
