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10 African Nations with The Highest Gold Reserves

Following the rise in the price of Gold, this article highlights the 10 African nations with the highest gold reserves in the world.

Early this year, Gold’s price rose to $2,069.25 per ounce which is quite close to the record high it hit in early August of 2020.

On the other hand, financial experts claim that the Russian-Ukrainian war’s impact on geopolitical tension is causing the major stock markets around the world to crash, causing investors to flee to what they view as safe-haven assets like the dollar, gold, or bonds.

Nevertheless, with all these going on, some African nations still flourish as a gold reserve.

Here is a list of the African nations with the highest Gold reserves:

  • Algeria – 174 metrics ton
  • South Africa – 125 metrics ton
  • Egypt – 124.97 metrics ton
  • Libya – 117 metrics ton
  • Morocco – 22.12 metrics ton
  • Nigeria – 21.37 metrics ton
  • Mauritius – 12.44 metrics ton
  • Ghana – 8.74 metrics ton
  • Tunisia – 6.84 metrics ton
  • Mozambique – 3.94 metrics ton

1. Algeria – 174 metrics ton

Algeria is number one on the list of African nations with the highest gold reserves.

In addition to the gold reserves owned by The Bank of Algeria, the nation of North Africa is also endowed with the most priceless metal (gold).

For instance, roughly 60 kilometers south of the Tirek gold mine, there are gold resources estimated to be 70 metric tons in the Amessmessa mine.

2. South Africa – 125 metrics ton

Next on the list of African nations with the highest gold reserves is South Africa.

South Africa, which possessed the same amount of gold reserves as the United States Reserve Bank in the fourth quarter of 2021, is in second place with 125.35 metric tons in the first quarter of 2022.

3. Egypt – 124.97 metrics ton

Egypt, the third African nation with the highest gold reserves raised its gold holdings from 80.91 tons to 124.97 tons.

This suggests that one of the nation’s warmings to the use of gold to lessen the impact of inflation on their economies is the Central Bank of Egypt. This supports the World Gold Council’s 2022 Central Bank Gold Reserves Survey.

4. Libya & Morocco – 117 & 22.12 metrics ton

The gold reserves held by Libya and Morocco, which are ranked No. 4 and No. 5 respectively, are unchanged from what they were in 2021 and total 117 and 22.12 tons.

5. Nigeria – 21.37 metric tons

Nigeria’s gold reserves did not change from 21.37 tons in the fourth quarter of 2021 to 21.37 tons in the first quarter of 2022.

The Central Bank of Nigeria (CBN) kept its reserve of 2021 gold at 21.37 tons, ranking sixth on the continent.

6. Mauritius – 12.44 metric tons

Mauritius is the seventh-lowest gold-reserve country in Africa after Nigeria.

The current gold reserve in Mauritius is 12.44 tons, with a minimum of 1.91 tons. Data are released by the World Gold Council every quarter.

Long-term predictions place the Mauritius Gold Reserves in a range of 12.72 Tons in 2023 and 12.78 Tons in 2024.

7. Ghana – 8.74 metrics ton

Gold’s 8.74 tons of reserves stayed constant. Maximum reserves were 8.74 tons, while minimum reserves were 8.71 tons.

8. Tunisia – 6.84 metric tons

The 6.84 Tons of gold reserves of Tunisia have not changed. The total amount of reserves ranged from 6.84 tons to 6.74 tons.

9. Mozambique – 3.94 metric tons

The last but not the least on the list of African nations with the highest gold reserves is Mozambique. The 3.94 tons of gold reserves in Mozambique have not changed. The total volume of reserves ranged from 0.15 tons to 6.38 tons.

Also read: Uganda Discovers 31 Million Tons of Gold Ore Deposit, Worth Millions of Dollars

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