When people talk about the “richest” countries in Africa, they often think only about GDP or natural resources. But another powerful way to measure financial strength is to look at foreign reserves, the dollars, euros and gold that a country keeps in its Central Bank.
These reserves help a country pay for imports, defend its currency, and survive global shocks. The higher the reserves, the more room a government has to manage crises without panicking the markets.
In 2025, a small group of African countries hold the biggest reserve cushions on the continent. Some are oil giants, others are tourism and trade hubs, but all of them play an important role in Africa’s financial stability.
1. Libya
Libya sits at the top of the list with foreign reserves estimated at more than $92 billion.
Despite years of political instability, the country’s vast oil wealth continues to generate strong foreign currency inflows. Limited imports, partly due to internal disruptions, have also meant less pressure on its external accounts.
Together, these factors have allowed Libya to build and maintain one of Africa’s largest reserve cushions, underscoring the resilience of its oil-driven economy.
2. Algeria
Algeria comes in second with over $81 billion in reserves. Like Libya, it is heavily dependent on hydrocarbons, but a combination of high global energy prices, reduced external debt and tighter import controls has helped it rebuild its buffers after periods of stress.
For a country juggling economic reforms and social demands, these reserves are a crucial safety net, giving policymakers room to manoeuvre in the face of domestic and global pressures.
3. South Africa
In third place is South Africa, with reserves of about $62.4 billion.
Africa’s most industrialised economy stands out for its diversified economic base, deep financial markets and relatively strong institutions. Its reserve levels play a key role in anchoring one of the continent’s most sophisticated banking and capital market systems.
While South Africa continues to wrestle with structural issues like unemployment, low growth and energy shortages, its reserves remain an important line of defence against global volatility.
4. Nigeria
Nigeria ranks fourth, holding around $41.3 billion in reserves. The country recorded GDP growth of 4.23% in the second quarter of 2025, its strongest non–non-post-COVID expansion in a decade.
As Africa’s most populous nation and a major oil producer, Nigeria’s external assets are critical not just for its own economy but for broader West African stability.
Currency reforms, high import needs and swings in oil income have put pressure on its balance of payments, yet the reserve stockpile still plays a central role in funding imports, managing exchange rate shocks and supporting ongoing economic adjustments.
5. Morocco
Morocco takes the fifth spot with about $36.3 billion in reserves.
Its external position has been supported by robust tourism earnings, steady remittances from the diaspora and growth in key export sectors such as automotive manufacturing and agriculture.
Proactive monetary policy and a more flexible exchange rate regime have also helped contain imbalances, keeping reserve levels at relatively comfortable territory by regional standards.
6. Egypt
Egypt is sixth on the table, with foreign reserves of roughly $33.07 billion.
The country has undertaken sweeping economic reforms in collaboration with international lenders, including currency devaluation, subsidy cuts and fiscal consolidation.
Although it still faces pressure from debt obligations and high import bills, the central bank’s reserves remain a core pillar of its strategy to maintain financial stability and reassure investors.
7. Angola
Seventh place goes to Angola, which holds about $13.9 billion in reserves.
The oil sector still dominates Angola’s export profile, but recent years have seen efforts to strengthen fiscal discipline, restructure debt and encourage diversification.
Recoveries in global oil prices, combined with tighter management of public finances, have helped rebuild reserves and provide a stronger base for the country’s long-term economic transition.
8. Tunisia
Tunisia is eighth, with reserves of around $9.24 billion.
Even as it grapples with political uncertainty and sluggish growth, Tunisia has managed to keep its reserves relatively stable, thanks in part to international support, currency management measures and gradual efforts to revive tourism and agriculture.
These foreign assets give Tunisian authorities some breathing space as they negotiate reforms and seek to unlock new funding.
9. Ivory Coast
In ninth place is Ivory Coast, the world’s leading cocoa producer, with foreign reserves and gold holdings valued at about $7.58 billion.
The Ivorian economy has been one of West Africa’s fastest-growing, driven by strong exports of cocoa, cashew and oil products, as well as rising investment in infrastructure and services.
Membership of a regional monetary union has also contributed to currency and reserve stability, helping the country maintain a solid external position.
10. Kenya
Kenya rounds out the top 10. Its position has been reinforced by new momentum in the mining sector, including a multi–billion dollar gold discovery at the Isulu-Bushiangala project in Kakamega County.
Beyond mining, Kenya’s reserve levels reflect gradual growth in services such as transport, ICT and financial services, supported by regional trade links and development finance.
External debt remains a concern, but the Central Bank’s reserves continue to provide crucial room to manage currency swings and external shocks.