In the realm of gold reserves, Libya takes the third spot in Africa with an impressive 117 metric tons of gold in the year 2023, according to the business website “Business Insider Africa”.
The report indicates Algeria holds the number one position among African countries, boasting a gold reserve amounting to 174 metric tons, closely followed by South Africa with a reserve tallying up to 125 metric tons.
The report also suggests that African countries have taken significant measures to bolster their gold reserves. This has positioned them favorably amidst global economic fluctuation, political instability, and ongoing inflation concerns, enhancing gold’s appeal as a safe asset for countries worldwide.
Previously, in 2022, Libya ranked fourth globally in gold reserves with a total of 116 metric tons, as per the report by the World Gold Council.
Here’s a list of the top 10 African countries in terms of gold reserves:
1. Algeria: 174 metric tons.
2. South Africa: 125 metric tons.
3. Libya: 117 metric tons.
4. Egypt: 80.73 metric tons.
5. Morocco: 22.12 metric tons.
6. Nigeria: 21.37 metric tons.
7. Mauritius: 12.44 metric tons.
8. Ghana: 8.74 metric tons.
9. Tunisia: 6.84 metric tons.
10. Mozambique: 3.94 metric tons.
The report highlights the ongoing efforts of African nations to enhance their gold holdings. This provides them with the flexibility to navigate the constantly changing global economic landscape and protect their economies from potential shocks. As gold continues to be a reliable store of value, it offers stability and confidence to both governments and investors alike.
