7 African Central Banks with the Most Gold Reserve in Q1 2025

Gold remains one of the world’s oldest and most trusted stores of value and in Africa, central banks are increasingly leaning on it to strengthen their economies. In a continent often rocked by external financial shocks, holding gold isn’t just about prestige; it’s about protection.

It helps stabilize currencies, build investor confidence, and act as a shield against inflation and geopolitical uncertainty. By early 2025, global central banks had stacked up over 36,000 metric tonnes of gold. 

African countries may not hold the biggest share globally, but some are making strategic moves to boost their reserves. Here are the top African central banks with the most gold as of Q1 2025, based on data from the World Gold Council.

Algeria – 173.56 Tonnes

Algeria remains Africa’s gold giant. The country’s central bank holds nearly 174 tonnes of gold, making it the clear leader on the continent. For Algeria, gold is a cornerstone of financial stability, providing a solid cushion against currency swings and international shocks.

Libya – 146.65 Tonnes

Even after years of political instability, Libya’s gold reserves have held strong. The Central Bank of Libya manages a significant stockpile, showing how crucial gold is to maintaining trust in the country’s financial system.

Egypt – 128.00 Tonnes

Egypt has steadily built up its gold holdings, now standing at 128 tonnes. The country’s central bank sees gold as key to securing its position as a regional economic power, especially as it navigates a complex global environment.

Ghana – 31.01 Tonnes

Ghana, a major gold producer, is also making moves to grow its reserves. It currently holds just over 31 tonnes, making it the top-ranked Sub-Saharan country on the list. Ghana’s approach is focused on gradually turning its mineral wealth into long-term monetary strength.

Mauritius – 12.42 Tonnes

Though small in landmass, Mauritius has made smart financial decisions. With 12.42 tonnes of gold in reserve, the island nation is focused on economic resilience, using gold to back its foreign reserves and support currency stability.

Tunisia – 6.84 Tonnes

Tunisia’s gold reserves are not as large as its North African neighbours, but they’re no less important. The Central Bank of Tunisia treats gold as a safeguard against inflation and as a tool to manage currency risks.

Kenya – 0.02 Tonnes

Kenya rounds off the list with 20 kilograms of gold in its official reserves. While small, the figure is a start. As East Africa’s economic hub, Kenya may gradually increase its gold holdings to support a more balanced and resilient reserve strategy.

Why gold still matters

Gold continues to shine in the eyes of central banks, especially in uncertain times. Whether it’s due to rising inflation, currency instability, or global political tensions, gold offers a layer of protection that paper assets can’t always provide.

For African nations, boosting gold reserves could be key to building stronger, more independent economies in the years to come.