Top 10 African Countries With The Largest Gold Holdings

By Lynnet Okumu / Published August 23, 2022 | 10:53 am

KEY POINTS

10 out of the 21 countries have the largest reserves. Algeria is the African country with the largest gold holding, at 174 metric tons followed by South Africa, with official gold reserves reaching 125 metric tons as of June 2022.

KEY TAKEAWAYS

Gold Reserves in Kenya remained unchanged at 0.02 tons in the second quarter of 2022. The maximum volume of reserves was 0.02 tons, and the minimum was zero tons.

Meanwhile, the gold ounce price in Kenya as of 23rd August 2022 is 208,022.10 shilling per ounce. Gold gram price is 6,688.81 per gram 24K, 6,131.41 per gram 22K, 5,852.71 per gram 21K, and 5,016.61 per gram 18K.

Africa is the third largest producer of gold in the world with mining operations in at least 21 countries. This makes the mining sector one of the major sources of employment in the region.

According to data from Statista, 10 out of the 21 countries have the largest reserves. Algeria is the African country with the largest gold holding, at 174 metric tons followed by South Africa, with official gold reserves reaching 125 metric tons as of June 2022.

Here are the top 10 African countries with the largest gold holdings in Africa as of June 2022

Algeria 174 metric tons
South Africa – 125 metric tons
Libya – 117 metric tons
Egypt – 80.73 metric tons
Morocco – 22.12 metric tons
Nigeria – 21.37 metric tons
Mauritius – 12.44 metric tons
Ghana – 8.74 metric tons
Tunisia – 6.84 metric tons
Mozambique – 3.94 metric tons

Kenya and Burundi follow below the list with gold holdings of 0.02 and 0.03 metric tons, respectively.

Gold Reserves in Kenya remained unchanged at 0.02 tons in the second quarter of 2022. The maximum volume of reserves was 0.02 tons, and the minimum was zero tons.

The yellow metal has become one of the assets investors fall on to collateralize their investment as geopolitical tensions in Ukraine and Russia are shrinking major economies.

It has also become a safety net for global economies in the wake of rising inflation. In 2020, central banks worldwide bought 272.9 tons of gold, according to data reported by the World Gold Council (WGC) data.