In the world of global finance, few significant metrics are used to measure a country’s foreign exchange and gold reserves. These reserves act as a financial safety cushion, helping nations navigate economic challenges, stabilise their currencies, and manage international debts.
According to a previous report based on the African Trade Report 2024: Climate Implications of the AfCFTA Implementation by Afreximbank, Africa’s foreign exchange assets rose by about 2.6% year on year to US$411.9 billion in 2023, following a 2.3% year on year decline to US$401.3 billion in 2022.
The report also indicated that, in addition to commodity prices, continuous capital inflows have bolstered the continent’s reserve position, attributed to new investment projects, support from international and regional development financing institutions and bilateral partners, as well as increased tourist arrivals and remittances.
Notably, the appeal for gold as a secure asset has also grown in the region. Several African nations, including Madagascar, Uganda, and Nigeria, plan to bolster their official reserves by using gold.
Here are the top 10 African countries with the highest foreign exchange and gold reserves.
