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.
Below are the top 10 African country with the highest foreign exchange and gold reserves at the start of 2026:
Libya tops this African list largely as of its oil wealth. The country holds $92.9 billion in foreign exchange and gold reserves,ranking 31st globally,according to Global Firepower.
While the reserve figure is extraordinary 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.
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.
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 meaningful mining output, particularly gold and platinum.
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6.Morocco ($37.1 billion)
7. Angola ($14.2 billion)
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.
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.
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