Top 10 African countries with the lowest reserves of foreign exchange and gold

Low reserves are a major vulnerability for African countries, both economically and politically.

This susceptibility is reflected in rankings such as the Global Firepower Index, which assesses national power by integrating military capability with key financial and economic factors, such as a country’s reserves.

Low foreign and gold reserves expose a country to unexpected financial shocks. Many African economies rely significantly on exports like oil, minerals, and agricultural products.

When global prices for these items fall, countries with insufficient reserves struggle to meet critical imports such as food, fuel, and medicine.

Without sufficient reserves, governments are unable to successfully manage currency volatility or fulfill external debts.

This lack of financial cushion can result in balance-of-payments crises, in which a country is unable to meet its international commitments.

Such crises frequently force governments to make difficult policy decisions, such as currency depreciation, subsidy cuts, or emergency borrowing, measures that harm ordinary residents and damage national confidence.

While gold is commonly regarded as a symbolic store of wealth, it also plays an important role during periods of economic turmoil.

When global markets are volatile or fiat currencies devalue, gold holds its value.

Countries with limited or no gold reserves have fewer options during currency crises or inflationary periods.

Unfortunately, despite being home to some of the world’s largest gold-producing regions, many African governments have failed to accumulate significant gold deposits.

This wasted opportunity reduces their ability to mitigate risk and contributes to long-term financial insecurity.

With that said, here are the African countries with the lowest reserves of foreign exchange and gold, according to Global Firepower.