Africa is home to some of the world’s largest gold reserves, with several countries holding more than 100 metric tons of the precious metal. These reserves represent a significant source of wealth and potential for economic development for the continent.
Gold is a valuable asset that can boost foreign exchange reserves, reduce reliance on foreign borrowing, attract foreign investment, and stabilize the national currency.
Read also: Top 10 gold-producing countries in the world
According to the data released from Statista, here are the top 10 African countries with the largest gold reserves in 2023.
Algeria
Algeria is the clear leader in gold reserves in Africa, with over 174 metric tons. The country has been accumulating gold reserves since the early 2000s, and its reserves are now worth over $10 billion.
South Africa
South Africa is another major gold producer and holder of reserves in Africa. The country has over 125 metric tons of gold reserves worth over $7 billion.
Libya
Libya has over 117 metric tons of gold reserves worth over $6 billion. The country’s gold reserves were accumulated during the Gaddafi era and have been largely untouched since the 2011 civil war.
Read also: Top 10 countries with the largest proven oil reserves
Egypt
Egypt has over 80.73 metric tons of gold reserves worth over $4 billion. The country has been increasing its gold reserves recently, seeking to diversify its economy and reduce its reliance on foreign currency reserves.
Morocco
Morocco has over 22.12 metric tons of gold reserves worth over $1 billion. The country has been accumulating gold reserves since the 1970s.
Nigeria
Nigeria has over 21.37 metric tons of gold reserves worth over $1 billion. The country has been increasing its gold reserves in recent years, seeking to boost its foreign exchange reserves and reduce its reliance on oil exports.
Mauritius
Mauritius has over 12.44 metric tons of gold reserves. The country has been accumulating gold reserves since the 1980s, and its reserves are now worth over $700 million.
Ghana
Ghana has over 8.74 metric tons of gold reserves worth over $500 million. The country has been increasing its gold reserves in recent years, as it seeks to diversify its economy and reduce its reliance on cocoa exports.
Tunisia
Tunisia has over 6.84 metric tons of gold reserves worth over $400 million. The country has been accumulating gold reserves since the 1970s.
Mozambique
Mozambique has over 3.94 metric tons of gold reserves worth over $200 million. The country has been increasing its gold reserves in recent years, seeking to boost its foreign exchange reserves and reduce its reliance on foreign aid.
African countries’ accumulation of gold reserves is a sign of their growing economic importance and desire to diversify their economies. Gold is seen as a safe haven asset that can protect countries from economic shocks. It can also be used to back up the national currency and to attract foreign investment.
The continued growth of gold reserves in Africa will likely positively impact the continent’s economy. It will help to boost foreign exchange reserves, reduce reliance on foreign borrowing, and attract foreign investment. It will also help to stabilize the national currency and protect countries from economic shocks.
Join BusinessDay whatsapp Channel, to stay up to date
Open In Whatsapp
