Very often kept within the central banks of countries, gold reserves really have an important role in the economy. We will see the countries holding the largest gold reserves in Africa.
It is a safety cushion, the reserves serve most of the time to guarantee the payment of the financial and or commercial arrangements of the country, the institution or ink a financial establishment over a given period.
Its value is a refuge, gold is like one of the safest assets existing in this world. gold nevertheless makes it possible to maintain an excellent level of liquidity, very usually in times of crisis.
In 2022, the world’s gold reserves in central banks are over 35,000 tons. And which encompass 1/5 of all the gold on our planet. Particularly, in Africa, gold holdings in central banks are at nearly 573 tons. And which represent only nearly 1.6% of world reserves. Despite all the resources that African countries have.
Based on statistical data from market development organization for the gold industry World Gold Council. we can see the 10 African countries with more gold reserves in year 2022.
Top countries holding the largest gold reserves in Africa in 2022.
In the top 5, we find mainly the countries of the Maghreb, black Africa does not represent enough in this list. That’s really sad.
At the top we have Algeria with 174 tonnes of gold in reserves, i.e. nearly 30% of African reserves. Algeria occupies the first position of the list.
It is the continuation of South Africa which has a reserve of nearly 125 tons at the central bank. That is nearly 22% of the reserve on the African continent. Africa ranks second on our list.
Incredibly tracking Libya with nearly 117 tons of gold in reserve. In percentages we will have almost 20% of the continent. Libya occupies the second position in this list.
Then we find Egypt with nearly 80 tons of gold in reserve in the bank. Egypt occupies the 4th position in the World Gold Council ranking.
Followed mainly by Morocco with only nearly 22 tons of gold in reserve in the bank. With a very big gap with Egypt, Morocco is 5th in gold reserve in the list proposed by Word Gold Council.
Going down below. At the 6th place is taken by Nigeria which is the first economy of the African continent paradoxically. The country has a banked gold reserve estimated at nearly 22 tons according to the Word Gold Council.
To end our list we have Ghana which is then the giant of the yellow metal with an average production of about 120 tons per year. Ghana is only in 7th place among African countries with the largest gold reserves with nearly 9 tons.
In conclusion
Africa has more than 56 countries, Africa does not have enough gold reserves to compete with all its resources than its land. Only 1.6 of the world’s gold reserves are shared by all these countries.
Written by Purebanger
