List of African Central Banks with Largest Gold Compared to US Dollar Reserves, Including Kenya
Wycliffe Musalia has over six years of experience in financial, business, technology, climate, and health reporting, providing deep insights into Kenyan and global economic trends. He currently works as a business editor at .
The global exchange market has recently experienced currency volatility, forcing central banks to resort to gold reserves for stability, liquidity, and consistent returns.
Source: UGC
According to the World Gold Council (WGC), the three gold investment strategies are vital in cementing central bank reserves.
WGC report indicates that countries with the largest central bank gold reserves hold one-fifth of the total gold mined globally.
Business Insider reported that central banks continue to stockpile gold as holdings hit 36,000 tonnes in 2024.
The increase resulted from global central banks' purchase of more than 1,000 tonnes of gold.
WGC report also cited diversified portfolios and protection from geopolitical and economic risks as the main reasons central banks increase their gold reserves.
The report added that central banks in Africa use gold reserves to evade volatilities in the exchange rate that affect local currencies and to cut reliance on foreign currencies.
Countries producing gold are the leading gold reserve holders on the continent.
Forbes reported that the top producers of gold, which currently trade at $3,390 (KSh 438,158) per ounce, are Ghana, South Africa, and Mali.
However, according to the WGC, some of these countries have yet to declare their central bank gold reserves.
Below is the list of the top seven African countries with the highest central gold reserves compared to the US dollar.
| Country | Central Bank Gold Reserves (tonnes) | Central Bank Gold Reserves (USD |
| 1. Algeria | 173.56 | $64.36 billion |
| 2. Libya | 146.65 | $80.81 billion |
| 3. Egypt | 128.27 | $32.91 billion |
| 4. Ghana | 31.01 | $9.4 billion |
| 5. Mauritius | 12.42 | $7.54 billion |
| 6. Tunisia | 6.84 | $7.64 billion |
| 7. Kenya | 0.02 | $10.66 billion |
Source: UGC
Kenya's foreign currency reserves
The Central Bank of Kenya (CBK) maintained high foreign currency reserves to stabilise the shilling.
CBK's current reserves stand at KSh 1.4 trillion worth of US dollars as the shilling maintains stability in value against international and regional currencies.
President William Ruto applauded the banking regulator for raising US dollar reserves to over $10 billion.
Source: TUKO.co.ke
