While Algeria leads the list of countries with the largest gold reserves in Africa, with 174 tons, it is followed by South Africa in second place with 125 tons. Libya comes in third with 117 tons. Egypt and Morocco occupy the fourth and fifth positions respectively, with 80.73 tons and 22.12 tons of gold. However, this ranking is systematically disrupted when considering gold-producing countries on the continent. It's worth remembering that Africa is no longer the major gold producer it once was. While in the 1990s, South Africa alone produced 605 tons, representing more than 28% of the world total, this is no longer the case. In 2018, the six largest gold producers on the continent collectively produced only 544 metric tons, representing approximately 16% of global production.
The World Gold Council (WGC), a market development organization for the gold industry, highlighted the major gold superpowers through a ranking of Africa's largest producers.
The WGC notes that most of the population in these gold-producing countries does not benefit from their countries' wealth due to factors such as corruption, illegal mining, and plundering by multinational or foreign companies with incompetent or corrupt leaders.
The WGC collected data from multiple sources, correlating production data from gold mines with flows reported by governments, transportation companies, traders, and refiners. The African continent has produced over 800,000 tons of gold since the last analyst report, an increase of 0.8% compared to last year.
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