North and Southern Africa grew their reserve in 2023, while West, East, and Central Africa saw declines

  • North Africa dominates with 53.8% of Africa’s total reserves.
  • West Africa holds 17.6%, despite economic challenges.
  • Southern Africa accounts for 20.3%, benefiting from strong reserves in South Africa.
  • East Africa lags behind with 4.4%, indicating lower reserve accumulation in the region.
  • Central Africa holds the smallest share at 4%, reflecting economic struggles and weak financial buffers.

Africa’s total reserves, including gold, stood at $450 billion in 2023. North Africa, with 53.8% of the total reserves, is the dominant force. In contrast, East Africa holds only 4.4%. West Africa holds 17.6% Southern Africa, accounting for 20.3%, benefits from South Africa’s strong reserves.  Central Africa fares the worst with just 4%, which leaves the region particularly exposed to economic shocks.

Source:

World Bank

Period:

2023
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Nigeria set to clear IMF debt by mid-2025 after reducing outstanding balance by 87.5% from March 2023 to March 2025
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