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.

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.

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.

FreeStuffsNG:
Funny enough that same Ghana, formerly called Gold Coast, is the last on the list , even behind Nigeria.

Despite being an independent nation before Nigeria, Ghana, like others nations older than our nation, have gone way behind Nigeria in terms of development and if anyone had predicted that Ghana would be behind us even in Gold, no one would have believed it.

I am happy that the CBN, under Emefiele, had even assured our Gold miners that Federal Government is ready to buy their gold from them too.

We need more investments in mining. There's abundance of gold in Osun and Oyo state. This is the best time to invest in the mining sector and you will even enjoy tax holidays for 3 years and you can repatriate 100% of your funds!

FreeStuffsNG:
Funny enough that same Ghana, formerly called Gold Coast, is the last on the list , even behind Nigeria.

Despite being an independent nation before Nigeria, Ghana, like others nations older than our nation, have gone way behind Nigeria in terms of development and if anyone had predicted that Ghana would be behind us even in Gold, no one would have believed it.

I am happy that the CBN, under Emefiele, had even assured our Gold miners that Federal Government is ready to buy their gold from them too.

We need more investments in mining. There's abundance of gold in Osun and Oyo state. This is the best time to invest in the mining sector and you will even enjoy tax holidays for 3 years and you can repatriate 100% of your funds!

jullary:
Good. But Nigeria continue borrowing, I don't even understand again. We have almost every resources on earth,but we no dey stop borrow borrow.
I tire!

jullary:
Good. But Nigeria continue borrowing, I don't even understand again. We have almost every resources on earth,but we no dey stop borrow borrow.
I tire!

Felix6:

That's because the reserve only exists on paper.

FreeStuffsNG:
Funny enough that same Ghana, formerly called Gold Coast, is the last on the list , even behind Nigeria.

Despite being an independent nation before Nigeria, Ghana, like others nations older than our nation, have gone way behind Nigeria in terms of development and if anyone had predicted that Ghana would be behind us even in Gold, no one would have believed it.

I am happy that the CBN, under Emefiele, had even assured our Gold miners that Federal Government is ready to buy their gold from them too.

We need more investments in mining. There's abundance of gold in Osun and Oyo state. This is the best time to invest in the mining sector and you will even enjoy tax holidays for 3 years and you can repatriate 100% of your funds!

jullary:
Good. But Nigeria continue borrowing, I don't even understand again. We have almost every resources on earth,but we no dey stop borrow borrow.
I tire!

Zionmdde:

FG will buy gold from gold miners
But FG will not buy crude oil from bunkerers
Gold belongs to the miners
Crude oil belongs to FG

And this one says he is happy
Despicable things


Anyway what's my business sha, SS are not complaining, but I know one day when SE becomes very aware of what is taken from their land, they will revolt

FreeStuffsNG:
Funny enough that same Ghana, formerly called Gold Coast, is among the last on the list , even behind Nigeria.

Despite being an independent nation before Nigeria, Ghana, like others nations older than our nation, have gone way behind Nigeria in terms of development and if anyone had predicted that Ghana would be behind us even in Gold, no one would have believed it.

I am happy that the CBN, under Emefiele, had even assured our Gold miners that Federal Government is ready to buy their gold from them too.

We need more investments in mining. There's abundance of gold in Osun and Oyo state. This is the best time to invest in the mining sector and you will even enjoy tax holidays for 3 years and you can repatriate 100% of your funds!
Invest in Lagos and the neighbouring South West states to enjoy great returns and best investor- friendly experience.

There's huge clay, sand etc deposit in Lagos , Ogun has loads of granite, bitumen, limestone etc, Osun and Oyo have perhaps the largest deposit of lithium in Africa along with gemstones, gold etc, Ondo has one of the world's largest deposit of bitumen.

Bring your investment to South West Nigeria. God bless Nigeria for ever! Check my signature for free stuffs!