African gold production and refining

Africa's gold industry is a significant player in the global market, with countries like South Africa, Ghana, Burkina Faso, and Tanzania contributing substantially. In September 2026, Burkina Faso launched Raffinor-BF, its first gold refinery, after three years of development. This marks a step toward local refining, which African nations hope will help them capture more value from their gold production.

Global gold demand distribution

Gold demand worldwide is split among investment, jewelry, central bank purchases, and technology. Investment accounts for 43%, jewelry for 29%, central banks for 21%, and technology for 6%. These sectors operate under different economic principles and are centered in different regions globally.

Investment in gold

Gold has long been viewed as a safe store of value, with individuals, institutions, and central banks investing in it through physical bars, coins, or financial instruments like exchange-traded funds (ETFs). While African countries participate in this market, the main investment hubs are in China, India, North America, and Europe. In 2025, global investment demand reached 2,175.3 tonnes, with Africa's contribution largely through central bank purchases.

Central bank gold reserves

According to the World Gold Council, the top gold reserve holders globally are the United States, Germany, Italy, France, and China. In Africa, Algeria leads with 173.6 tonnes, followed by Libya and Egypt. The West African Economic and Monetary Union, which includes countries like Burkina Faso, ranks 60th globally, while Ghana is at 70th.

Jewelry and industrial demand

Gold used in jewelry and technology, such as electronics, is a significant part of global demand, but data on Africa’s role in these sectors is limited. While Africa produces 28% of the world’s gold, it is not prominently featured in global demand statistics, which focus on regions like Asia-Pacific, where China and India dominate the jewelry market.

Africa’s growing jewelry market

Despite the current gaps in data, sub-Saharan Africa is expected to see growth in its jewelry market. Factors include the rise of branded jewelry stores, improved retail infrastructure, and stronger local manufacturing. Mordor Intelligence highlights these developments as key drivers for the region’s future growth in the jewelry sector.

Africa’s evolving role in global gold trade

While African gold has traditionally been exported, some countries are shifting toward using gold as a strategic reserve asset. Ghana, Tanzania, Zimbabwe, and the Democratic Republic of the Congo are among those exploring this approach. Additionally, efforts to develop local jewelry industries, such as Ghana’s "Ghana Gold Village" project, aim to transform gold into a driver of industrial growth on the continent.