Gold is on a tear. Prices hit historic highs in late January 2026, breaking the $5,000-an-ounce barrier, and even flirting with $5,500–$5,600 as investors flocked to safe havens amid rising geopolitical tensions, especially between the US and Iran.
Beyond the shiny metal itself, gold and foreign exchange reserves are a country’s financial lifeline. They show how ready a nation is to pay its debts, support its economy, and ride out global shocks, basically, a measure of economic strength you can’t fake.
Global Firepower tracks these reserves as a key indicator of economic strength. Two-thirds of the world’s reserves sit in Asia, China, Japan, Taiwan, Hong Kong, and South Korea, but Africa has its own story to tell.
In Africa, Libya leads with $92.9 billion in foreign exchange and gold reserves, ranking 31st globally. Algeria follows with $83.0 billion, placing 33rd, while South Africa holds $65.4 billion, ranking 38th globally.
Below are the top 10 African country with the highest foreign exchange and gold reserves at the start of 2026:
1. Libya ($92.9 billion)
Libya tops this African list largely because of its oil wealth. The country holds $92.9 billion in foreign exchange and gold reserves, ranking 31st globally, according to Global Firepower.
Much of this stockpile was accumulated during years of strong oil revenues and remains relatively untouched due to political instability, sanctions, and fragmented governance.
While the reserve figure is impressive on paper, economists note that Libya has struggled to convert this financial strength into sustained economic stability. Governance challenges and institutional divisions continue to limit the effective use of these reserves.
2. Algeria ($83.0 billion)
Algeria ranks 33rd globally, with $83.0 billion in foreign exchange and gold reserves. These buffers are driven largely by hydrocarbon exports, especially natural gas sales to Europe.
3. South Africa ($65.4 billion)
South Africa holds $65.4 billion in foreign exchange and gold reserves, placing it 38th globally. Unlike many peers, its reserves are supported by diversified exports, deep financial markets, and significant mining output, particularly gold and platinum.
While the reserve level is strong by African standards, ongoing challenges, including power shortages, weak growth, and fiscal strain, continue to influence investor confidence and capital inflows.
4. Egypt ($44.9 billion)
Egypt ranks 47th globally, with $44.9 billion in foreign exchange and gold reserves. These buffers are supported by tourism receipts, remittances, Suez Canal revenues, and external financing. In recent years, Gulf support and multilateral lending have played a key role in maintaining reserve levels amid currency pressures.
5. Nigeria ($38.6 billion)
Nigeria holds $38.6 billion in foreign exchange and gold reserves, ranking 53rd globally. The reserve position is closely tied to oil exports, which remain the country’s primary source of dollar inflows. Despite its oil wealth, reserve growth has been constrained by production challenges and strong import demand.
6. Morocco ($37.1 billion)
Morocco ranks 54th globally, with $37.1 billion in foreign exchange and gold reserves. Unlike resource-heavy peers, Morocco’s buffers reflect a diversified economy built on automobile exports, agriculture, phosphates, tourism, and remittances. Careful macroeconomic management and strong trade ties with Europe have helped sustain reserve levels.
7. Angola ($14.2 billion)
Angola holds $14.2 billion in foreign exchange and gold reserves, placing it 71st globally. The reserve position is largely shaped by oil revenues, which dominate exports and government income. Periods of high oil prices have helped rebuild buffers after years of decline caused by debt servicing and economic contraction.
8. Kenya ($10.1 billion)
Kenya ranks 77th globally, with $10.1 billion in foreign exchange and gold reserves. Unlike oil-dependent economies, Kenya’s reserves are supported by remittances, tea and horticulture exports, and services. The buffers are mainly used to cover imports and manage external debt obligations.
9. Tunisia ($9.3 billion)
Tunisia holds $9.3 billion in foreign exchange and gold reserves, ranking 81st globally. The reserve position reflects ongoing economic challenges, including slow growth, fiscal deficits, and reliance on external financing. Tourism and remittances remain key sources of foreign exchange, but political uncertainty and delayed reforms have weighed on inflows.
10. Ivory Coast ($7.4 billion)
Ivory Coast ranks 86th globally, with $7.4 billion in foreign exchange and gold reserves. As the world’s largest cocoa producer, export earnings play a major role in supporting reserves. Operating within the CFA franc zone provides additional currency stability through regional reserve management. Strong economic growth and infrastructure investment have supported inflows, though exposure to commodity price swings remains a risk.
