Gold remains a key asset for central banks, offering protection against currency volatility and enhancing investor confidence.
A World Gold Council (WGC) survey showed that two-thirds of central banks are acquiring gold, with nearly 20% citing concerns about global instability.
As of Q1 2025, the WGC ranked the top five African central banks by gold holdings:
1. Algeria – 173.56 tonnes
Banque d’Algérie leads Africa with 173.56 tonnes, serving as a major monetary buffer.
2. Libya – 146.65 tonnes
Despite unrest, Libya’s central bank holds significant reserves, ensuring financial resilience.
3. Egypt – 128.00 tonnes
Egypt continues to boost reserves, aligning with its regional economic goals.
4. Ghana – 31.01 tonnes
The top gold reserve holder in Sub-Saharan Africa, Ghana recently crossed the 30-tonne mark.
5. Mauritius – 12.42 tonnes
Mauritius has steadily increased reserves as part of its strategy for economic stability.
These figures highlight gold’s enduring value in African financial systems.