Globally, a nation’s reserves, especially foreign currency and gold, are sometimes used to assess its economic resilience and strategic strength in addition to its GDP and military might.
- Business Insider Africa presents the top 10 African countries with the highest reserves of foreign exchange and gold.
- This list is courtesy of Global Firepower.
- Libya ranks number 1 on the list.
High foreign exchange and gold reserves are becoming increasingly important for African countries seeking to establish economic stability and geopolitical power.
This importance is emphasized in the Global Firepower Index, which assesses a country’s strength based on not only military assets but also economic factors such as national reserves.
High foreign and gold reserves provide a significant buffer against economic shocks.
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These reserves provide a safety net for African countries that are frequently hit by volatile commodity prices, political instability, and currency changes.
They allow governments to stabilize currency rates, pay for vital imports, and meet foreign debt commitments without triggering a balance-of-payments crisis.
Countries with low reserves are significantly more exposed to external influences.
An unexpected decline in export profits, for example, can rapidly drain reserves if there is no buffer.
On the other hand, countries with large reserves may weather economic crises with greater confidence, preserving investor faith and domestic stability.
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When a local currency is under pressure, a central bank with substantial reserves can intervene and sell foreign currency to stabilize its value.
This is especially important in Africa, where several currencies are experiencing severe depreciation due to inflation, political insecurity, or decreased export profits.
Furthermore, international investors and rating agencies are actively monitoring a country’s reserves.
High reserves indicate good economic management and boost confidence among foreign lenders, multilateral institutions, and private investors.
With that said, here are the African countries with the highest reserves of foreign exchange and gold, according to Global Firepower.
Top 10 African countries with the highest reserves of foreign exchange and gold mid-2025
| Rank | Country | Reserves of Foreign Exchange and Gold | Global rank |
|---|---|---|---|
| 1. | Libya | $92,427,000,000 | 32nd |
| 2. | Algeria | $81,217,000,000 | 33rd |
| 3. | South Africa | $62,492,000,000 | 38th |
| 4. | Nigeria | $41,349,000,000 | 48th |
| 5. | Morocco | $36,328,000,000 | 51st |
| 6. | Egypt | $33,070,000,000 | 54th |
| 7. | Angola | $13,942,000,000 | 69th |
| 8. | Tunisia | $9,240,000,000 | 79th |
| 9. | Ivory Coast | $7,583,484,000 | 84th |
| 10. | Kenya | $7,342,000,000 | 86th |
