Africa boasts some of the world’s largest gold reserves, with multiple countries each holding over 100 metric tons of the precious metal. These vast reserves offer substantial wealth and significant opportunities for economic growth across the continent.
Gold is a valuable asset that can enhance foreign exchange reserves, lessen dependence on foreign borrowing, attract foreign investment, and help stabilize a country’s currency.
According to Business Insider, here are top 10 gold-producing countries in Africa.
Ghana
Ghana ranks as Africa’s leading gold producer. Known historically as the “Gold Coast,” the country has been mining gold since the 15th century, and today the industry is a crucial economic driver, contributing over 40% of its total export earnings.
Mali
Gold is Mali’s most crucial export, making up over 80 percent of total exports in 2023, while the Ministry of Mines estimates the country has 800 tons of gold deposits, 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 produced 40% of the world’s gold, but today it accounts for just 4.2% of global production. Despite this decline, the country’s gold mining industry, which began in the late 19th century, played a crucial role in the development of Johannesburg, famously known as eGoli, the “City of Gold.”
Burkina Faso
According to the Extractive Industries Transparency Initiative (EITI), the mining sector accounts for 14.3% of Burkina Faso’s state revenue. However, gold production in the country fell from 66.8 tonnes in 2021 to 57.6 tonnes in 2022, a decrease of 13.7%. In response, Burkina Faso’s junta-led government in 2023 the construction of the country’s first gold refinery, which is set to produce around 400 kilograms (880 pounds) of gold per day.
Sudan
Although most of Sudan’s mineral reserves are still underdeveloped, mining contributes about 4% to the country’s GDP, with gold being the main driver of this sector.
Guinea
Gold mining plays a crucial role in Guinea’s economy, with a significant portion of the country’s production coming from the Siguiri region.
Tanzania
Tanzania’s gold mining industry is vital to its economy, contributing over 4% to its GDP. The country is home to major gold operations, including the renowned Geita Gold Mine, one of Africa’s largest gold mines.
Côte d’Ivoire
Ivory Coast’s gold output reached a record high in 2023, driven by the opening of new mines, and is expected to continue to grow. As the world’s leading cocoa producer, Ivory Coast is working to develop its previously neglected mining sector to diversify its income sources.
Zimbabwe
Zimbabwe’s gold mining dates back to the pre-colonial era, and the country, with its extensive gold reserves, relies heavily on the sector for its economy. In 2024, Zimbabwe aims to boost its gold production with the introduction of the gold-backed currency, Zimbabwe Gold (ZiG).
Dem. Rep. of the Congo
Known for its extensive mineral wealth, including diamonds and copper, the DRC is also a major gold producer, with its mineral-rich eastern regions hosting both large-scale industrial mines and small-scale artisanal operations, despite facing challenges such as conflict and illegal mining.
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