Africa is the third-largest gold-producing continent in the world, despite the amount of the element that has been exploited over the years.
There are currently active gold mining activities in more than 21 African countries today. Ghana, which was once referred to as the ‘Gold Coast’ and was once a country with one of the highest gold reserves in the world, ranks number eight on the list of countries in Africa with the highest gold reserves.
According to official records by Statista, Ghana alone produced approximately 150 metric tons of gold in 2020.
In Africa, mining is one of the most exploited sectors because a large number of the mines across the continent are still under direct foreign control. Critics say that the colonial masters gave Africans independence but did not hand over her resources.
Three of the five largest gold mines situated in the African continent are in West Africa, with the other two located in the Democratic Republic of Congo and Tanzania. All of these mines are under foreign control, and there are no accurate records of the amount of gold mined from these fields daily.
In a recent report, it was revealed that around 633 metric tons of gold were mined in 21 African countries in the year 2020 alone. Again, critics say that this is a far cry from the actual amount, and African countries need to take full control of the mines in order to reap the benefits of the resources for the continent.
On record, Algeria is currently the country with the largest gold reserves in Africa. It currently has a gold reserve of about 174 metric tons. The North African country is followed by South Africa, with a record of official gold reserves reaching 125 metric tons.
In March this year, the price of gold reached $2,069.25 an ounce, a figure very close to the all-time high it reached in early August 2020.
Financial experts claim that geopolitical tension caused by the Russian-Ukraine war is sinking the world's big stock markets leaving investors to run towards what they perceive as safe-haven assets such as the dollar, gold, or bonds.
Gold reserves come in very handy, especially in times of inflation. When inflation starts to rise, governments will buy large amounts of gold as a countermeasure. In 2020, central banks worldwide bought 272.9 tonnes of gold, according to data reported by the World Gold Council (WGC) data.
Below, we have listed the ten top African counties with the largest amount of gold reserves in the continent. Check them out:
Top 10 African Countries with the Highest Gold Reserves 2022
1. Algeria: The North African country has a total gold reserve of 174 metric tons.
2. South Africa: The Southern African leader has a total gold reserve of 174 metric tons and 125 metric tons.
3. Libya: once a leading powerhouse in gold reserves, Libya now ranks third with an estimated gold reserve of 117 metric tons.
4. Egypt: The Northern African country has a gold reserve of 80.73 metric tons.
5. Morocco: Morocco follows Egypt, with a gold reserve of way less than 55 metric tons, sitting on 22.12 metric tons.
6. Nigeria: The West African country boasts of a gold reserve of 21.37 metric tons.
7. Mauritius: The Indian Ocean island nation has a gold reserve of 12.44 metric tons.
8. Ghana: Formerly called Gold Coast, Ghana comes in the eighth position with a gold reserve of 8.74 metric tons.
9. Tunisia: The last Northern African country in the top 10, Tunisia comes ninth with a gold reserve of 6.84 metric tons.
10. Mozambique: The East African country has a gold reserve of 3.94 metric tons.