Libya Holds 3rd Largest Gold Reserve in Africa

Libya Holds 3rd Largest Gold Reserve in Africa
Libya Holds 3rd Largest Gold Reserve in Africa

Libya was ranked third amongst the top 10 African countries with the largest gold holdings in 2022, with gold reserves estimated at 117 metric tons.

Algeria claimed the topmost spot, at 174 metric tons, according to Statista – a global statistics portal integrating diverse topics of data and facts into a single platform.

In a press release, the German-based website said that Algeria is followed by South Africa, with official gold reserves reaching 125 metric tons.

Moreover, Egypt ranked fourth with 80.73 metric tons. The rest of the countries each registered official holdings ranging from three to 25 metric tons.

Algeria 174 metric tons
South Africa – 125 metric tons
Libya – 117 metric tons
Egypt – 80.73 metric tons
Morocco – 22.12 metric tons
Nigeria – 21.37 metric tons
Mauritius – 12.44 metric tons
Ghana – 8.74 metric tons
Tunisia – 6.84 metric tons
Mozambique – 3.94 metric tons

Meanwhile, the United States, Germany, the IMF, and Italy account for almost half (48%) of the world’s reserves, or 1,654 tons, according to the WGC’s annual report on gold demand trends.

Last year’s record gold sales were partly due to increased demand for gold from central banks and investors, as global economic conditions stagnated and inflation raised the cost of living.

The WGC data also shows a significant change in attitude towards gold, as central banks began selling hundreds of tons of their gold bullion each year in the 1990’s and 2000’s, particularly in Europe.

The WGC report estimates global gold reserves at 35,494 tons at the end of 2022. However, this may be an underestimate, as many countries do not declare all their holdings. Nevertheless, gold remains a preferred investment for investors around the world, including in Africa, where several countries have significant gold reserves.