As of early 2026, several African nations have built significant financial buffers in the form of gold and foreign exchange reserves key assets used to stabilise currencies, support international trade and strengthen economic resilience.
According to Global Firepower data compiled by Business Insider Africa, the list showcases the continent’s most financially fortified economies in terms of reserve holdings.
🏆 Top 10 Reserve Holders in Africa (2026)
1: 🇱🇾 Libya — $92.9 billionLibya tops the continent with $92.9 billion in combined foreign exchange and gold reserves, placing it 31st globally. This large stockpile stems largely from decades of strong oil export revenues.
2:🇩🇿 Algeria — $83.0 billionAlgeria ranks second in Africa and 33rd in the world, with hydrocarbon exports especially natural gas underpinning its reserve levels.
3:🇿🇦 South Africa — $65.4 billionSouth Africa’s diversified economy including its deep financial markets and mineral exports supports its position as the continent’s third-largest reserve holder.
4:🇪🇬 Egypt — $44.9 billionBenefitting from tourism, remittances, Suez Canal revenues, and foreign financing, Egypt holds substantial reserves and ranks 47th globally.
5:🇳🇬 Nigeria — $38.6 billionNigeria’s reserves are closely linked to crude oil exports, which remain the country’s primary source of foreign currency.
6: 🇲🇦 Morocco — $37.1 billionWith a diversified economy — including automotive exports, agriculture, tourism, and phosphates — Morocco sustains strong reserve levels.
7:🇦🇴 Angola — $14.2 billionAngola’s reserves reflect its oil-dependent economy; gains in export earnings have helped rebuild buffers after years of pressure from debt servicing.
8:🇰🇪 Kenya — $10.1 billionKenya’s buffers are underpinned by remittances, horticulture and tea exports, and services — helping it manage external obligations.
9:🇹🇳 Tunisia — $9.3 billionTunisia’s reserves show the ongoing effects of fiscal deficits and slow growth; tourism and remittances remain key foreign exchange sources.
10:🇨🇮 Ivory Coast — $7.4 billionAs the world’s largest cocoa producer, export earnings play a major role in supporting reserves. Operating within the CFA franc zone also bolsters monetary stability.
Why These Reserves MatterGold and foreign exchange reserves are vital financial tools for countries.
They:Stabilise national currencies and help manage exchange rate volatility. Support import payments and balance-of-payments needs. Boost investor confidence and provide buffers against economic shocks.
📈 Trends in Africa’s Reserve LandscapeNorth African nations particularly Libya, Algeria, Egypt, and Morocco dominate the top of the rankings due to their export strength and macroeconomic strategies.
Sub-Saharan holdings like Nigeria, South Africa, and Kenya also feature prominently, reflecting diversified economic bases and external commitments.
Image Credit: Business Insider Africa
Source : Business Insider Africa
