Africa is home to some of the world’s most substantial gold reserves, with several countries holding over 100 metric tons of this precious metal. These reserves represent a considerable source of wealth and potential for economic development on the continent.

Gold is a valuable asset that can bolster foreign exchange reserves, decrease dependence on foreign loans, attract international investments, and stabilize national currencies.

As per data released by Statista, here are the top 10 African countries with the largest gold reserves in 2023:

1. Algeria – With over 174 metric tons, Algeria leads the pack in gold reserves in Africa, currently valued at over $10 billion. The country has been amassing gold reserves since the early 2000s.
2. South Africa – Another major gold producer in Africa, South Africa, holds more than 125 metric tons of gold reserves, valued at over $7 billion.
3. Libya – Libya possesses over 117 metric tons of gold reserves, worth over $6 billion. These reserves were accumulated during the Gaddafi era and have seen limited use since the 2011 civil war.
4. Egypt – Egypt boasts over 80.73 metric tons of gold reserves, valued at over $4 billion. The country has been actively increasing its gold reserves recently as part of its effort to diversify the economy and reduce reliance on foreign currency reserves.
5. Morocco – Morocco has amassed over 22.12 metric tons of gold reserves, worth over $1 billion, since the 1970s.
6. Nigeria – Nigeria holds more than 21.37 metric tons of gold reserves, valued at over $1 billion. The country has been augmenting its gold reserves in recent years to boost foreign exchange reserves and decrease dependence on oil exports.
7. Mauritius – Mauritius has accumulated over 12.44 metric tons of gold reserves, currently valued at over $700 million. The country began amassing these reserves in the 1980s.
8. Ghana – With over 8.74 metric tons of gold reserves worth over $500 million, Ghana has been increasing its gold holdings in recent years to diversify the economy and reduce dependence on cocoa exports.
9. Tunisia – Tunisia holds more than 6.84 metric tons of gold reserves, valued at over $400 million. The country has been building these reserves since the 1970s.
10. Mozambique – Mozambique possesses over 3.94 metric tons of gold reserves, worth over $200 million. The country has been boosting its gold reserves in recent years to enhance foreign exchange reserves and reduce reliance on foreign aid.

The accumulation of gold reserves by African countries signals their growing economic significance and desire to diversify their economies. Gold is viewed as a secure asset that can shield countries from economic shocks, serve as a backing for national currencies, and attract foreign investments.

The continued growth of gold reserves in Africa is expected to have a positive impact on the continent’s economy by bolstering foreign exchange reserves, reducing reliance on foreign borrowing, attracting foreign investments, and stabilizing national currencies, thereby protecting countries from economic fluctuations.