Top 10 African countries with highest external reserves: A snapshot of economic stability. In a testament to the continent’s economic resilience and strategic management of resources, several African countries are boasting impressive external reserves, crucial for economic stability and growth. According to the Afrexim Bank’s African Trade Report for 2024, these reserves are vital assets held by central banks in foreign currencies, used to stabilize currencies, support imports, and manage monetary policy.

Here’s a look at the top 10 African countries with the highest external reserves:

1. Libya – $80.7 Billion Leading the pack is Libya, with a substantial $80.7 billion in external reserves. Despite ongoing political instability, Libya’s vast oil resources have allowed it to build and maintain a robust reserve. The Central Bank of Libya leverages these reserves to stabilize its economy, especially amid fluctuations in global oil prices.
2. Algeria – $70.3 Billion Algeria ranks second with $70.3 billion in reserves. Its wealth is driven by its significant oil and gas resources, which play a crucial role in supporting its economic stability and financial credibility.
3. South Africa – $57.6 Billion South Africa, Africa’s largest economy, holds $57.6 billion in external reserves. These reserves reflect the country’s diverse and industrialized economy, with substantial holdings in gold and foreign exchange, highlighting its economic robustness.
4. Morocco – $34.8 Billion Morocco’s reserves total $34.8 billion, supported by its diverse economic base, including agriculture, mining, and a burgeoning manufacturing sector. The country’s leadership in renewable energy, particularly solar power, has also bolstered its economic stability.
5. Nigeria – $27.4 Billion Nigeria, a major player in Africa’s oil sector, has $27.4 billion in external reserves. These reserves are crucial for stabilizing the naira, managing import expenses, and mitigating the impact of global oil price fluctuations. Despite the high reserves, Nigeria faces challenges in maintaining exchange rate stability due to its heavy reliance on oil revenues.
6. Egypt – $25.5 Billion Egypt holds $25.5 billion in reserves, with tourism and a growing manufacturing sector contributing significantly to this figure. The country’s ability to attract investment and maintain external reserves underscores its economic strength.
7. Angola – $14.0 Billion Angola, with its $14.0 billion in reserves, benefits from its oil exports. The reserves act as a buffer for its economy, which is heavily reliant on crude oil, providing stability in times of economic uncertainty.
8. Tunisia – $8.8 Billion Tunisia’s external reserves stand at $8.8 billion. The country’s diverse economy, encompassing tourism, agriculture, and manufacturing, has enabled it to maintain stable reserves despite the economic and political challenges following the Arab Spring.
9. Kenya – $8.6 Billion Kenya, the largest economy in East Africa, holds $8.6 billion in reserves. The reserves are supported by a robust tourism sector and agricultural exports. They play a key role in stabilizing the Kenyan shilling and managing external debt.
10. Mauritius – $5.9 Billion Mauritius rounds out the top ten with $5.9 billion in reserves. This small island nation benefits from a diversified economy, including tourism, textiles, and financial services. Its prudent financial policies have ensured the maintenance of stable reserves, crucial for investor confidence.

These impressive reserve figures highlight the significant role that natural resources, diversified economies, and strategic financial management play in sustaining economic stability across Africa.