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African Country That Has More Gold Reserve Than South Africa

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In a world where gold remains one of the rarest elements, concerns rise over declining production rates and depleting reserves. China, known for its significant gold production, is facing challenges as exploration funding sees a downward trend. With easy-to-mine gold deposits already exhausted, massive new discoveries are becoming scarce, leading to questions about whether gold has reached its peak.

China, a Leading Producer, Faces Exploration Funding Decline:

China has been a leading player in gold production, generating a substantial 370 metric tonnes of gold in 2021, as reported by Statista. However, the mining industry in China is now grappling with a decline in funding for exploration. This trend raises concerns about the future of gold mining in the country and its impact on the global gold supply.

South Africa’s Declining Gold Production Shifts Dynamics in African Mining:

Once among the world’s largest gold producers, South Africa has experienced a steady decline in gold production since the 1970s when around 1,000 tonnes of gold were discovered. This decline has led to a shift in the dynamics of the African gold mining industry, with nations like Ghana, Sudan, Mali, and Burkina Faso rising to prominence.

Gold Price Surges to All-Time High Amid Geopolitical Tensions:

In March of this year, the price of gold soared to a new all-time high of $2,069.25 per ounce, closely approaching the record high set in August 2020. The ongoing conflict between Russia and Ukraine has intensified geopolitical tensions worldwide, causing major stock markets to experience turmoil. As a result, investors are seeking safe-haven assets, such as gold, the United States dollar, and bonds.

Top Ten African Nations with the Most Gold Reserves:

Amidst this changing landscape, African nations are becoming increasingly significant players in the gold market. Here is a list compiled by Statista, highlighting the top ten African nations with the most gold reserves as of 2021:

1. Algeria – 174 metric tonnes

2. South Africa – 125 metric tonnes

3. Libya – 117 metric tonnes

4. Egypt – 80.73 metric tonnes

5. Morocco – 5.22 metric tonnes

6. Nigeria – 21.37 metric tonnes

7. Mauritius – 7,124.4 metric tonnes

8. Ghana – 8.74 metric tonnes

9. Tunisia – 9.684 metric tonnes

10. Mozambique – 10.394 metric tonnes


As gold reserves dwindle and production challenges persist, the world faces uncertainty over the future of this precious metal. China’s funding decline for exploration raises concerns about maintaining its gold production levels, while African nations are emerging as key players in the global gold market. Geopolitical tensions and market turmoil continue to drive investors towards gold as a safe-haven asset. As the gold landscape evolves, it remains to be seen how countries and markets will adapt to this changing reality.