In the midst of global economic struggle, these African central banks have the largest gold reserves

With the world economy that is confronted with new shifts almost daily, many banks trust their golden reserves to remain stable. As the value of the element reaches a record high, these African central banks currently have the largest gold reserves on the continent.

The newest World Gold Council report contains seven African countries, the central banks of which have a formidable amount of gold. Their growing reserves try to combat economic fluctuation, given the high return of Gold on investments and the relative defense against currency devaluation. Moreover, the amount of a bank in its shares helps its credibility in the global financial sector.

The reports of the report of the report obtained by Business Insider Africa showed that North African countries are leading The golden possession on the continent. Algeria is currently dominating this list, with 173,566 tons. Colleague regional neighbors follow, with Libya and Egypt who have 146.65 and 128 tons respectively.

The news exit also reported that many countries in the region went into the trend to buy more gold. The effort is intended to increase and maintain financial independence, with plans to buy more this year. Other countries pay attention when prices rise.

This inflow has led to a higher costs for an ounce of the precious metal. In April it rose to more than $ 3,500 per ounce, a jump from rattle about the criticism of President Donald Trump on the chairman of the Federal Reserve Jerome Powell.

The following on the list is the West -African country of Ghana, although it has a considerably lower amount of gold at 31.01 tons. However, the country is already known as a top gold producer in Africa, which leads to its placement immediately after the northern countries. Combining the top 7 includes Mauritius, Tunisia and Kenya, all with modest quantities of Golden Ton.

The step to buy more gold has also increased steadily in the past year. Golden reserves in 2024 reached 36,000 tons, only a few thousand of the record high from 60 years ago. Central banks around the world have also bought twice as much gold as the average of the previous decade, as detailed by a report from the European Central Bank.

However, since these countries establish financial sovereignty in their banking systems, their citizens are confronted with possible reductions in their quality of life. Several large cities in the entire continent have reduced reduced purchasing power. In Ghana, despite his reinforced gold reserves, inflation still has an influence on his subjects.

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