Published: October 26, 2026
Foreign exchange reserves are the foreign currency, gold, and other assets a central bank holds. They pay for imports, service foreign debt, and steady a currency when markets turn rough. A large stockpile does not guarantee a strong economy. It does give a central bank room to act in a crisis.
Africa held $515.2 billion in reserves at the end of 2025. That total rose 9.8 percent from $469.2 billion at the end of 2024. The average African country covered about 4.9 months of imports with its reserves. That is well above the 3 month level the International Monetary Fund commonly uses as an adequacy threshold.
The top ten countries hold $414.1 billion combined, or 80.4 percent of the continent total. The top six alone hold $361.8 billion, or 70.2 percent. North Africa takes four of the top five places. Nigeria is the only country south of the Sahara in the top six. Then comes a steep drop. Nigeria, in sixth place at $46.0 billion, holds almost three times as much as Angola, in seventh place at $16.1 billion.
5 Key Facts
- Libya ranks first at $87.9 billion, $12.0 billion ahead of South Africa and 17.1 percent of the continent total.
- The top ten hold $414.1 billion combined, or 80.4 percent of Africa's $515.2 billion total.
- Algeria is the only top ten country whose reserves fell in 2025, down 24.4 percent to $52.0 billion.
- Ghana grew fastest in the top ten, up 53.1 percent to $13.8 billion.
- Every top ten country covers at least 4.8 months of imports. Libya covers 31.1 months, by far the longest in Africa.
The Ranking
| Rank | Country | Reserves (2025) | Change in 2025 | Import cover |
|---|---|---|---|---|
| 1 | Libya | $87.9 billion | Up 6.3 percent | 31.1 months |
| 2 | South Africa | $75.9 billion | Up 15.9 percent | 7.2 months |
| 3 | Algeria | $52.0 billion | Down 24.4 percent | 10.0 months |
| 4 | Egypt | $51.4 billion | Up 14.4 percent | 5.5 months |
| 5 | Morocco | $48.6 billion | Up 30.8 percent | 6.2 months |
| 6 | Nigeria | $46.0 billion | Up 13.8 percent | 9.4 months |
| 7 | Angola | $16.1 billion | Up 1.9 percent | 8.0 months |
| 8 | Ghana | $13.8 billion | Up 53.1 percent | 5.0 months |
| 9 | Kenya | $12.1 billion | Up 20.2 percent | 4.8 months |
| 10 | Mauritius | $10.3 billion | Up 21.0 percent | 11.0 months |
Stat in context: the top ten total, $414.1 billion, is smaller than South Africa's economy alone. South Africa's gross domestic product was $489.1 billion in the largest economies in Africa in 2026. Reserves are a stockpile, not yearly output. The comparison shows how concentrated that stockpile is. Six countries hold more than two thirds of it. See also the strongest currencies in Africa in 2026 for the exchange rate side of the same story.
1. Libya: $87.9 billion
Libya has held Africa's largest reserve stockpile for years. Its reserves rose from $75.6 billion in 2021 to $87.9 billion in 2025. The 2025 rise was 6.3 percent, after a small fall in 2024.
Oil and gas exports built the stockpile. Libya holds Africa's largest proven oil reserves. Its reserves cover 31.1 months of imports. No other African country comes close on that measure. The next highest cover in the top ten is Mauritius, at 11.0 months.
Size is not the same as strength. Libya's economy still faces conflict and divided institutions. A large stockpile has not, on its own, produced stable growth or stable prices.
2. South Africa: $75.9 billion
South Africa's reserves rose 15.9 percent in 2025, from $65.5 billion to $75.9 billion. That was the largest dollar gain in the top ten, at $10.4 billion. South Africa has grown its stockpile every year since 2021.
Coal, minerals, and services supported the rise, according to Afreximbank. Gold also matters. South Africa's gold holdings grew in value as gold prices rose. Its reserves cover 7.2 months of imports, above the continent average of 4.9 months.
South Africa trails Libya by $12.0 billion. It leads Algeria, in third place, by $23.9 billion. The gap between first and second is far smaller than the gap between second and third.
3. Algeria: $52.0 billion
Algeria is the only top ten country whose reserves fell in 2025. Its stockpile dropped 24.4 percent, from $68.7 billion to $52.0 billion. That followed two years near $69 billion to $70 billion.
Energy exports still underpin Algeria's reserves. The report links Algeria's position to continued oil and gas sales, especially natural gas to Europe. It does not name a single cause for the 2025 fall. Readers should not assume one from this ranking alone.
Even after the fall, Algeria covers 10.0 months of imports. That is the third longest cover in the top ten. The fall cost Algeria second place in an earlier vintage of this data, but it remains comfortably third on the table used here.
4. Egypt: $51.4 billion
Egypt's reserves rose 14.4 percent in 2025, from $44.9 billion to $51.4 billion. That continues a sharp recovery. Egypt's stockpile was only $32.2 billion in 2022. It has now risen for two years in a row.
Tourism, remittances, and agricultural exports underpin Egypt's balance, according to Afreximbank. Suez Canal earnings and foreign financing also help. Egypt covers 5.5 months of imports, above the 3 month adequacy threshold but below the continent average.
Egypt trails Algeria by only $0.6 billion. A small move in either country would swap third and fourth places in the next edition.
5. Morocco: $48.6 billion
Morocco's reserves rose 30.8 percent in 2025, from $37.1 billion to $48.6 billion. That was the second fastest growth rate in the top ten, after Ghana. Morocco added $11.5 billion in a single year.
Tourism and phosphates drove the rise, according to Afreximbank. Morocco's dirham stayed broadly stable through the year. Its reserves cover 6.2 months of imports.
Morocco now sits only $2.8 billion behind Egypt. In 2024, the gap was $7.8 billion. Morocco closed more than half of it in one year.
6. Nigeria: $46.0 billion
Nigeria's reserves rose 13.8 percent in 2025, from $40.4 billion to $46.0 billion. Afreximbank links the rise to higher crude production, still favourable oil prices, and inflows from remittances and portfolio investment.
Nigeria's stockpile has recovered from a low of $33.5 billion in 2023. At $46.0 billion, it now stands above its 2021 level of $41.7 billion. It is the highest figure in the five year series shown in the report.
Nigeria covers 9.4 months of imports, the fourth longest cover in the top ten. It is the last country in the top tier. The next country, Angola, holds barely a third as much.
7. Angola: $16.1 billion
Angola's reserves rose 1.9 percent in 2025, from $15.8 billion to $16.1 billion. That is the slowest growth in the top ten. Angola's stockpile has been almost flat since 2021, when it stood at $15.6 billion.
Oil dominates Angola's exports, and oil earnings rebuild buffers only slowly when debt payments absorb much of the inflow. Angola still covers 8.0 months of imports. Its cover is stronger than its growth rate suggests, because its import bill is modest next to its stockpile.
Angola leads Ghana, in eighth place, by $2.3 billion. Ghana is closing that gap fast. At Ghana's 2025 growth rate, the two could swap places in the next edition.
8. Ghana: $13.8 billion
Ghana's reserves rose 53.1 percent in 2025, from $9.0 billion to $13.8 billion. That is the fastest growth in the top ten. Ghana's stockpile had fallen to $5.9 billion in 2023, during its debt crisis. It has now more than doubled from that low.
Ghana's cedi appreciated by about 25.7 percent in 2025, according to Afreximbank. Stronger reserves and policy measures supported that stability. Ghana covers 5.0 months of imports, just above the continent average.
Ghana's recovery is the clearest turnaround in this ranking. Two years ago, it was not in the top ten at all on these figures. It now sits eighth, ahead of Kenya.
9. Kenya: $12.1 billion
Kenya's reserves rose 20.2 percent in 2025, from $10.1 billion to $12.1 billion. That follows a 37.1 percent rise in 2024. Kenya has rebuilt its stockpile for two years in a row, after falls in 2022 and 2023.
Afreximbank links Kenya's stability to stronger reserves and policy measures. Remittances, tea and horticulture exports, and services all bring in foreign currency. Kenya covers 4.8 months of imports, the shortest cover in the top ten, but still above the 3 month threshold.
Kenya leads Mauritius, in tenth place, by $1.8 billion. It trails Ghana by $1.7 billion. The bottom three places are close, and small moves could reorder them.
10. Mauritius: $10.3 billion
Mauritius closes the top ten at $10.3 billion, up 21.0 percent from $8.5 billion in 2024. Its stockpile has grown for two years in a row. It is the smallest economy in the top ten, and the only island state on the list.
Mauritius covers 11.0 months of imports, the second longest cover in the top ten. Only Libya covers more. A small, open economy needs a large buffer next to its import bill, and Mauritius holds one.
Mauritius leads the first country outside the top ten, Cote d'Ivoire at $9.4 billion, by $0.9 billion. Tunisia, at $8.8 billion, is next. The tenth place margin is thin, so Mauritius cannot be treated as a safe lock for the next edition.
Frequently Asked Questions
What are foreign exchange reserves?
Foreign exchange reserves are assets a central bank holds in foreign currencies, gold, and related instruments. They let a country pay for imports, repay foreign debt, and defend its currency when investors sell it. The usual adequacy yardstick is 3 months of import cover. Every country in this top ten clears it. Most African countries outside the top ten do not hold nearly as much.
Why does Libya rank first?
Libya's reserves come mainly from oil and gas exports, built up over many years of strong hydrocarbon earnings. Its stockpile has grown in four of the last five years shown in the report. It now stands at $87.9 billion, with 31.1 months of import cover. A big stockpile is a buffer, not a verdict on living standards. Libya's economy still faces conflict and divided institutions, which limit what reserves alone can fix.
Why did Algeria's reserves fall so far in 2025?
Algeria's reserves fell from $68.7 billion to $52.0 billion, a drop of 24.4 percent. That followed two years near $69 billion to $70 billion. The report ties Algeria's reserve position to energy exports, but it does not name a single cause for the 2025 fall. This article therefore reports the fall without assigning it to one event. Algeria still covers 10.0 months of imports, so the fall has not left it short of cover.
Why do other versions of this ranking show different numbers?
Different sources measure reserves differently, and even this report contains two series. The table used here, Table 4.1, gives South Africa at $75.9 billion, Algeria at $52.0 billion, Egypt at $51.4 billion, Morocco at $48.6 billion, and Nigeria at $46.0 billion. The report's chart text, built from a different data construction, gives $71.4 billion, $55.9 billion, $47.5 billion, $45.0 billion, and $44.5 billion for the same five countries. The order of the top six is the same in both series. The chart text also puts Burkina Faso at $12.0 billion, while the table puts Burkina Faso at $2.0 billion. This article follows the table, because it gives a full five year series and an import cover figure for every country. Other public lists, such as Global Firepower, use still other vintages and combine gold differently, which is why they show Libya at $92.9 billion and Algeria at $83.0 billion.
Have the rankings changed during 2026?
Later central bank snapshots show several top countries above their end-2025 levels. Nigeria reached $52.66 billion by August 19, 2026, and $54.86 billion by September 24, 2026, on central bank and government statements. Egypt reached $57.35 billion by the end of September 2026, on Central Bank of Egypt data. Morocco reached about 502 billion dirhams, roughly $54 billion, in early September 2026, on Bank Al-Maghrib data. South Africa stood at $73.45 billion in July 2026. These snapshots use different dates and definitions, and no matching 2026 figure on the same basis is available here for Libya or Algeria. They are therefore reported as an update, not used to reorder this ranking. A future edition should rank all countries on one new dataset, not on mixed snapshots.
Data Sources
- Afreximbank, African Trade Report 2026, Table 4.1 (reserve positions 2021 to 2025, growth, and import cover) and Figure 4.2 (top ten chart text): African Trade Report 2026.
- Secondary coverage of the same report, confirming the table values and the $515.2 billion continent total: Libya Review; Eastleigh Voice.
- Mid-2026 central bank snapshots (update only, not the ranking basis): Nigeria, South Africa, Egypt, and Kenya, July to August 2026: ThinkBusiness Africa; Nigeria, September 24, 2026: Timeless Ideas 360; Egypt, September 2026, Central Bank of Egypt: Egypt Gazette; Morocco, September 2026, Bank Al-Maghrib: North Africa Post.
- Related African Exponent reading: largest economies in Africa in 2026; strongest currencies in Africa in 2026.
Methodology
Data vintage: reserve stocks at the end of 2025, as published in Afreximbank's African Trade Report 2026 (June 2026). The ranking follows Table 4.1 of that report, which draws on Economist Intelligence Unit and Fitch Solutions data. The table gives reserves in billions of United States dollars, the yearly change, and months of import cover for each country.
Why the table, not the chart text: the report's Figure 4.2 narrative uses a different construction, based on World Bank and International Monetary Fund data, and gives different values for several countries. The top six order is identical in both series, but the values differ, and the chart text puts Burkina Faso at $12.0 billion against $2.0 billion in the table. This article follows the table for every figure, because the table is the only series that gives a consistent five year history and an import cover figure for each country. The discrepancy is disclosed here and in the FAQ, rather than hidden.
Totals: the top ten total of $414.1 billion and its 80.4 percent share, and the top six total of $361.8 billion and its 70.2 percent share, are computed from the table values against the table total of $515.2 billion for Africa. The continent total rose 9.8 percent in 2025, from $469.2 billion in 2024, on the same table.
Scope and limits: the table gives no 2025 value for Somalia or South Sudan, so they cannot be ranked. Countries in the CFA franc zones appear with their own table allocations, which are small, because those zones hold reserves centrally at their regional central banks. A country list therefore understates the franc zones as blocs. This ranking does not add zone members together into a bloc figure. Import cover means the number of months of imports the reserve stockpile could fund at current import levels. It is a buffer measure, not a forecast. Figures for 2026 in the FAQ come from later central bank snapshots on different dates and definitions, and they are not used to reorder the ranking.
