Africa’s reserves hit $530bn on gold rally, AFC reports

By Abubakar Yunusa

Africa’s central bank reserves climbed to $530bn in 2025, buoyed by a sustained rally in gold prices and increased accumulation of the precious metal across the continent.
The disclosure was contained in the Africa Finance Corporation’s latest State of Africa’s Infrastructure Report, which highlighted a notable shift in reserve management strategies amid global economic uncertainties.
According to the report, the continent’s reserve position strengthened significantly over the past year, driven by valuation gains and a deliberate increase in physical gold holdings.
Total reserves rose from $480bn in 2024 to $530bn in 2025, marking a $50bn increase.
The AFC stated, “Central bank reserves have strengthened, supported by commodity dynamics and a historic rally in gold prices.”
It added that gold now accounts for about 17 per cent of total reserves, up from less than 10 per cent between 2022 and 2023.
Physical gold holdings also increased from 663 tonnes in 2022 to an estimated 738 tonnes in 2025.
The report identified Egypt, Ghana, Tanzania and Zimbabwe as key drivers of active gold accumulation programmes across the continent.
It noted that the combined effect of rising gold prices and strategic diversification efforts played a crucial role in boosting Africa’s external asset position.