Africa’s gold story 2025: How Egypt, Ghana and Zimbabwe central banks gained and lost reserves

African central banks delivered a mixed performance in global gold markets in 2025, with data from the World Gold Council showing how differently policymakers across the continent are managing reserves amid currency pressures, external shocks, and shifting financial alignments.

Egypt emerged as the continent’s top buyer, while Ghana became one of the world’s largest sellers.

Some banks buy, others sell

Egypt’s purchases, though modest compared with heavyweights like Poland and Kazakhstan, underline a clear strategy: using gold to hedge against currency fluctuations and rising external financing risks.

The World Gold Council notes that Cairo has leaned steadily on gold over recent years to support reserves while navigating devaluations, IMF programmes, and balance-of-payments stress.

Guinea, a major gold producer, added small amounts to better align domestic mineral wealth with reserves, despite fiscal limits. In Zimbabwe, even modest purchases carry symbolic weight.

According to the World Gold Council, gold is central to Harare’s monetary strategy as authorities experiment with gold-backed instruments to counter a volatile local currency.

The World Gold Council highlights that these sales mark a shift from Accra’s earlier push to rebuild reserves, including the gold-for-oil programme, and underline the intense fiscal and liquidity pressures where reserves are tapped for short-term relief rather than long-term stability.

The contrast between buyers like Egypt and sellers like Ghana shows a split in how African central banks respond to stress. For some, gold remains a hedge against dollar dependence and global tightening; for others, it is a liquid asset used to address immediate needs.

Refining, nationalisation and Africa’s missed value

Africa’s gold strategy is also limited by structural constraints. Much of the continent continues to export raw gold rather than processing it locally, reducing the ability of central banks to capture added economic value.

The World Gold Council notes that some nations are enforcing policies that mandate domestic refining, retaining more control over the value chain and supporting industrialisation.

How Africa compared with global central banks

Globally, Africa’s presence in central bank gold markets remained modest in December 2025. The World Gold Council notes that Uzbekistan led buyers with 10 tonnes, followed by Kazakhstan with 8 tonnes and Poland with 7 tonnes.

China extended its buying streak to 14 consecutive months, while Kyrgyz Republic, Czech Republic, Mongolia, and Indonesia added smaller amounts.

Singapore was the largest seller, offloading 11 tonnes.

Africa’s contrasting moves show a continent balancing immediate economic pressures against long-term strategy. Policymakers adding reserves are betting on gold as insurance against financial shocks, while those selling prioritise liquidity.

At the same time, reliance on raw exports highlights the unfinished work of fully leveraging the continent’s mineral wealth.

The World Gold Council data makes one thing clear: Africa’s gold story in 2025 was not about scale but it was about strategy.