Across Africa, central banks are boosting gold reserves, which reached $91.7 billion by October 10 due to rising global prices.
Africa’s Gold Surge
Gold climbed to $3,985 per ounce, making it a strategic shield against economic and geopolitical uncertainty across the continent.
North Africa Leads
North African countries lead the way.
Algeria holds 173.56 tonnes, worth $22.2 billion, while Libya follows with 146.65 tonnes.
Egypt, South Africa, and the WAEMU complete the top five, holding 128.59, 125.47, and 36.52 tonnes respectively.
The WAEMU manages monetary policy for eight Francophone nations, using gold to stabilise the CFA franc and mitigate external shocks.
Beyond the north, Ghana ranks sixth with 36 tonnes, followed by Morocco, Nigeria, Tunisia, and Guinea in the top ten.
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Overall, thirteen African central banks hold 715.68 tonnes, only 2% of global reserves, but vital for economic security.
Global Context And Demand
Globally, advanced economies dominate: the United States holds 8,133 tonnes, followed by Germany, Italy, France, Russia, China, and the IMF.
Gold prices rose over 52% in 2025, briefly surpassing $4,000 per ounce amid inflation fears and geopolitical shocks.
Jewellery now accounts for 32.6% of global gold demand, down from 59%, while investment demand rises steadily.
For African nations facing inflation, currency depreciation, and debt, gold offers a hedge and lifeline against economic uncertainty.
Analysts expect African central banks to continue growing gold holdings, actively preparing for a future full of unpredictability.
