Africa is home to some of the world’s largest gold reserves, with several countries each possessing over 100 metric tons of this valuable metal.

These extensive reserves present significant opportunities for economic growth and wealth generation across the continent.

Gold serves as a critical asset that can boost foreign exchange reserves, reduce reliance on foreign loans, attract foreign investment, and contribute to currency stability.

According to the World Gold Council (WGC), global gold production has increased by 12% over the past four years. The US Geological Survey estimated that in 2023, production reached 3,000 metric tons, generating approximately US$38 billion in direct and indirect benefits for the host countries.

Business Insider lists the top 10 gold-producing countries in Africa as follows: 

Ghana

Ghana is the leading gold producer in Africa. Historically referred to as the “Gold Coast,” the country has been mining gold since the 15th century. Today, the gold industry plays a vital role in the economy, accounting for more than 40% of its total export earnings.

Mali

In 2023, gold was Mali’s most important export, constituting over 80% of the country’s total exports. The Ministry of Mines estimates that Mali holds 800 tons of gold deposits, along with two million tons of iron ore, five thousand tons of uranium, 20 million tons of manganese, four million tons of lithium, and ten million tons of limestone.

South Africa

In 1975, South Africa was responsible for 40% of the world’s gold production; however, today it contributes only 4.2% of global output. Despite this reduction, South Africa’s gold mining industry, which started in the late 19th century, was instrumental in the growth of Johannesburg, famously known as eGoli, or the “City of Gold.”

Burkina Faso

The Extractive Industries Transparency Initiative (EITI) reports that the mining sector contributes 14.3% to Burkina Faso’s state revenue. However, gold production in the country decreased from 66.8 tonnes in 2021 to 57.6 tonnes in 2022, marking a 13.7% decline. In response, Burkina Faso’s junta-led government announced in 2023 the construction of the nation’s first gold refinery, which is expected to produce approximately 400 kilograms (880 pounds) of gold daily.

Sudan

While many of Sudan’s mineral reserves remain untapped, mining contributes around 4% to the country’s GDP, with gold being the primary driver of this sector.

Guinea

Gold mining is a key component of Guinea’s economy, with a substantial portion of the country’s production originating from the Siguiri region.

Tanzania

Tanzania’s gold mining sector is essential to its economy, contributing more than 4% to its GDP. The country hosts significant gold operations, including the notable Geita Gold Mine, one of Africa’s largest gold mines.

Côte d’Ivoire

Ivory Coast achieved record-high gold output in 2023, propelled by the launch of new mines, and this trend is expected to continue. As the world’s top cocoa producer, Ivory Coast is focusing on developing its previously underdeveloped mining sector to diversify its sources of income.

Zimbabwe

Gold mining in Zimbabwe has a history that extends back to the pre-colonial period. The country, with its substantial gold reserves, depends significantly on this sector for its economic stability. In 2024, Zimbabwe plans to increase its gold production by launching a gold-backed currency, Zimbabwe Gold (ZiG).

Dem. Rep. of the Congo

Renowned for its abundant mineral resources, including diamonds and copper, the DRC is also a significant gold producer. Its mineral-rich eastern regions are home to both large-scale industrial mines and small-scale artisanal operations, despite ongoing challenges such as conflict and illegal mining.

Leave a Reply

Your email address will not be published. Required fields are marked *

AfriSQuare Entertainmnet
Email:
Quick Links
Movies to watch
Subscribe Newsletter
Follow Us:
© 2024 AfriSQuare. All Rights Reserved. All videos and shows on this platform are trademarks of, and all related images and content are the property of, AfriSQuar.africa. Duplication and copy of this is strictly prohibited.
Download AfriSQuare Apps