The combined dollar value of gold reserves held by eight African countries jumped 113.5 percent to $66.6 billion in the second quarter of 2026 from $31.2 billion in the same period of 2023, according to an analysis of World Gold Council data. The eight countries tracked are South Africa, Nigeria, Ghana, Mauritius, Algeria, Egypt, Morocco and Kenya. However, the physical quantity of gold held across these nations edged up only marginally to 509.2 tonnes from 505 tonnes over the three-year period, indicating that surging international bullion prices rather than new acquisitions drove most of the increase. Gold averaged about $1,955 per troy ounce in 2023 but reached around $4,166 in recent rates, more than doubling in value.
The rally reflects a shift in how African central banks view gold's role in their reserve portfolios. The combined gold reserves of the eight countries now account for 20.6 percent of their reported gross reserves of $322.6 billion in the second quarter of 2026, up from 10 percent in the second quarter of 2023. Alan Goldberg, lead data analyst at BestBrokers, said central banks have continued buying gold even as prices reached historic highs. "This suggests that governments are not simply chasing returns, but reassessing the role of gold in a world shaped by geopolitical uncertainty, shifting currency dynamics and concerns over financial resilience," he said. The World Gold Council reported that 89 percent of surveyed central banks expected global official gold reserves to increase over the following 12 months, while 74 percent expected the US dollar to account for a smaller share of global reserves over five years.
Several African countries have implemented domestic programmes to accumulate gold from their own production. Ghana recorded the fastest increase in dollar value among the eight countries tracked, with holdings rising from $634 million in the second quarter of 2023 to $3.65 billion in the second quarter of 2026, a 476 percent increase. The country adopted the Ghana Gold Reserve Act Programme in February, under which gold from large-scale mines is added to physical reserves, while artisanal gold is collected through GoldBod and marketed for foreign currency. Tanzania launched its own domestic gold-purchasing programme in September 2023 and accumulated 27.5 tonnes by June 2026 after a long period without adding to reserves. Uganda launched a pilot programme in April 2026, while Zimbabwe linked gold to its currency framework when the Zimbabwe Gold was introduced in April 2024.
Nigeria and South Africa remain among the continent's major gold holders. Nigeria's gold reserves increased from $1.31 billion to $2.79 billion, while South Africa's rose from $7.71 billion to $16.3 billion. Algeria recorded the largest reserves by value at $22.5 billion, followed by Egypt at $16.8 billion. For Nigeria, gold offers potential diversification in an economy historically dependent on crude oil export earnings. However, gold cannot replace the liquid foreign-currency reserves needed to pay for imports and meet external obligations. Joseph Nnanna, chief economist at the Development Bank of Nigeria, said African countries must build stronger value chains around gold rather than exporting raw resources to deliver sustainable value.
A higher valuation of gold reserves strengthens the reported value of reserve assets and improves the proportion represented by gold, but it does not necessarily mean a central bank has acquired more metal or has additional liquid dollars available to finance imports and service external debt. For African savers, borrowers and businesses, the rising value of national gold reserves can strengthen confidence in central banks' ability to meet external payment obligations, though gold alone cannot stabilise currencies or reduce domestic inflation, which also depend on export earnings, capital flows and monetary policy.