Central banks in Africa are moving to increase their gold reserves as part of a vision to diversify assets and enhance financial stability.

This trend comes at a time when global demand for gold is concentrated among a limited number of large buyers, giving the metal a renewed role as a hedge against currency and market volatility.

Global demand driven by a small number of players

Although more than sixty central banks around the world have added gold to their reserves in recent years, net demand has remained driven by a few countries that adopt a policy of regular purchases.

The World Gold Council’s analysis points to significant activity by the Polish National Bank during 2025, with the People’s Bank of China continuing its accumulation approach, in addition to increases in Kazakhstan and cyclical policies in Turkey and India.

Africa is gradually entering the equation

African countries' share of global gold reserves remains limited, but their strategic importance is increasing.

Uganda launched a domestic gold-buying program, aiming to boost reliance on national resources, while Ghana bolstered its reserves to protect its currency, and some other countries adopted a more conservative approach focused on financial stability.

Diverse experiences ranging from ambition to challenges

Zimbabwe tested the launch of a gold-backed currency, achieving temporary stability before facing confidence challenges.

In Kenya, reserves remain limited with plans for gradual accumulation, while the Democratic Republic of Congo seeks to regulate artisanal mining and increase formal production.

Gold as a shield against volatility

This path reflects an African shift towards building reserves based on domestic resources, to reduce exposure to foreign exchange shocks.

Despite the current limited quantities, the general trend confirms the return of gold to the forefront as a sovereign tool that enhances the strength of balance sheets in a volatile global financial environment.