Africa's total central bank reserves rose to $530 billion in 2025, driven by surging gold prices and increased bullion purchases as policymakers across the continent moved to strengthen financial buffers amid global uncertainty.

The figure, published in the Africa Finance Corporation's latest State of Africa's Infrastructure Report, marked a $50 billion increase from $480 billion in 2024.

The jump highlights how African economies are adjusting reserve strategies as currency volatility, inflation risks, geopolitical tensions and tighter global financing conditions continue to pressure emerging markets.

Gold has emerged as one of the biggest winners of that shift. According to the report, the precious metal now accounts for about 17% of Africa's total reserves, compared with less than 10% in 2022 and 2023. Physical gold holdings also rose from 663 tonnes in 2022 to an estimated 738 tonnes in 2025.

That increase reflects both higher international gold prices and deliberate purchases by central banks seeking to diversify reserve assets beyond traditional currencies. Countries including Egypt, Ghana, Tanzania and Zimbabwe were among those identified as active accumulators of gold.

The trend mirrors developments globally. Central banks worldwide have been among the strongest buyers of gold in recent years as many countries seek safer assets amid persistent economic and geopolitical uncertainty. Gold prices also reached record highs in 2025 and remained elevated into 2026, increasing the value of existing holdings.

For Africa, stronger reserve positions are especially important as many economies continue to manage debt burdens, weak local currencies, import pressures and higher borrowing costs in international markets.

Larger reserves can help central banks defend currencies, finance imports and cushion external shocks.

Nigeria offers a mixed picture of those pressures and opportunities. The country's gross external reserves rose from about $40.8 billion at the start of 2025 to roughly $45.5 billion by year-end, according to Central Bank of Nigeria data, helped by improved foreign exchange reforms, oil receipts and stronger inflows.

The Central Bank of Nigeria has projected reserves could rise further to around $51 billion in 2026.

However, reserve levels later eased to about $48.6 billion in April 2026, underlining the continuing impact of debt servicing obligations, foreign exchange market interventions and external volatility.

The AFC report said Africa's growing gold stockpile points to a structural shift in reserve management, with bullion becoming an increasingly important tool for stability as countries navigate a more uncertain global economy.