Global demand for gold has surged again, reaching approximately $2 billion in February 2026 as central banks purchased 27 tonnes of the precious metal. This renewed momentum highlights a growing shift toward reserve diversification, with African central banks steadily joining the global buying trend.
Across emerging markets, policymakers continue to prioritise gold as a hedge against currency volatility and economic uncertainty. While major economies still dominate purchases, African nations are adopting a calculated and policy-driven approach to increase their holdings.
Notably, countries such as China, Poland, and Kazakhstan remain the most aggressive buyers. Data from the World Gold Council shows that Poland added up to 95 tonnes in 2025, while China extended its buying streak beyond 16 months, pushing reserves above 2,300 tonnes. At the same time, Kazakhstan maintained steady accumulation, and countries like Turkey and India adjusted purchases based on domestic conditions.
However, Africa’s participation, though modest, is gaining strategic importance. Uganda has taken the lead by launching a domestic gold purchasing programme targeting at least 100 kilograms within four months. This move signals a broader shift toward locally sourced reserves and reduced reliance on foreign currencies.
Meanwhile, Kenya is preparing to enter the gold market more actively. Although its reserves remain extremely low at just 0.02 tonnes, policymakers have already outlined plans for gradual accumulation. With foreign reserves estimated between $12 billion and $13 billion, the country has significant room to diversify.
In Central Africa, the Democratic Republic of the Congo is strengthening its position by targeting 15 tonnes of artisanal gold production in 2026. Authorities aim to formalise mining operations and improve control over bullion flows, which could support future reserve growth.
Elsewhere on the continent, gold continues to play a critical role in managing economic pressures. Ghana aggressively increased reserves to stabilise the cedi, while Egypt maintained a cautious approach focused on financial stability. Zimbabwe also experimented with a gold-backed currency, achieving short-term gains despite ongoing credibility concerns.
Importantly, global central bank gold demand remains highly concentrated. Although more than 60 central banks have purchased gold in recent years, a small group of consistent buyers continues to drive the majority of demand. This concentration has kept annual purchases above historical averages, often exceeding 1,000 tonnes since 2022.
Nevertheless, Africa’s strategy differs significantly. Rather than pursuing aggressive accumulation, most countries are implementing gradual and structured policies. This approach allows governments to balance reserve diversification with broader economic priorities.
As global financial uncertainty persists, gold is regaining prominence as a reliable store of value. Consequently, African central banks are positioning themselves to benefit from this trend, even if their share of global reserves remains relatively small.
Ultimately, the continent’s steady entry into the gold market reflects a long-term vision. By strengthening reserve buffers and reducing exposure to currency shocks, African economies are laying the groundwork for greater financial resilience in an increasingly volatile global landscape.
