Foreign exchange reserves across the continent have navigated starkly divergent paths in 2026. While global macro pressures, shifting commodity prices, and debt obligations continue to challenge fiscal stability, several central banks have built significant reserve cushions through commodity surges, remittance inflows, foreign investment, and structural capital maneuvers.
Below are foreign reserve performance across 10 key African economies through mid-2026.
1. Nigeria
Reserve Position: $52.66 billion (as of August 19, 2026)
2026 YTD Trend: +$7.09 billion (+15.6%)
The Drivers: Nigeria leads the continent in total volume added since January. Driven by steady crude oil receipts, an expanding trade surplus, and renewed foreign portfolio investments (FPIs), the Central Bank of Nigeria (CBN) boosted its buffer from $45.57 billion at the start of the year, strengthening overall market FX liquidity.
2. South Africa
Reserve Position: $73.45 billion (as of July 2026)
2026 YTD Trend: Moderate contraction from Q1/Q2 peaks ($76.58B in May)
The Drivers: South Africa maintains the continent’s largest nominal balance of gross international liquidity. High global gold valuations expanded official gold holdings past $16 billion, though scheduled sovereign external debt repayments trimmed the total down from earlier high-water marks.
3. Egypt
Reserve Position: $56.29 billion (as of July 2026)
2026 YTD Trend: +$4.84 billion growth trajectory
The Drivers: Egypt’s Net International Reserves (NIR) climbed by over $1.2 billion in July alone. The continuous growth has been fueled by structural economic reforms, multilateral financing disbursements, and a strong rebound in diaspora remittances.
4. Kenya
Reserve Position: $15.40 billion (as of late July 2026)
2026 YTD Trend: +$1.54 billion expansion
The Drivers: Kenya reached a record high, bringing import coverage up to 6.4 months. The sharp mid-year jump was powered by capital inflows from major corporate asset divestitures (such as state equity sales), strong diaspora remittances, and World Bank development financing packages.
5. Ghana
Reserve Position: $12.94 billion (as of June 2026)
2026 YTD Trend: -$1.22 billion drawdown from its March peak ($14.16B)
The Drivers: While strong gold exports provided initial momentum, heavy mid-year import bills for crude and non-oil intermediate goods offset trade gains, pulling gross reserves back down to roughly 5 months of import cover.
6. Zambia
Reserve Position: $6.20 billion (Q1/Q2 2026 baseline)
2026 YTD Trend: +$700 million expansion (+12.7%)
The Drivers: Supported by its IMF Extended Credit Facility framework, the Bank of Zambia achieved a record $6.5 billion in February. Solid FX tax payments from the mining sector alongside Kwacha appreciation built a buffer covering 4.4 months of imports.
7. Tanzania
Reserve Position: $5.97 billion (Mid-2026)
2026 YTD Trend: +$150 million to +$200 million (Steady Growth)
The Drivers: Maintained by reliable agricultural exports, gold mining receipts, and steady tourism income, the Bank of Tanzania has kept external reserves comfortably at 4.5 months of import cover.
8. Mozambique
Reserve Position: $3.55 billion (Post-debt clearance)
2026 YTD Trend: Strategic Balance-Sheet Settlement
The Drivers: Net International Reserves expanded early in the year to hit a record $4.258 billion. In March, Mozambique deployed €630 million ($680 million) of reserve assets to perform a full early repayment of its IMF Extended Credit Facility, trading short-term liquidity for debt relief.
9. Rwanda
Reserve Position: $2.20 billion (2026 Projection Target)
2026 YTD Trend: Structural Recovery
The Drivers: Following heavy 2025 drawdowns to fund large-scale airport infrastructure, Rwanda’s central bank is rebuilding reserves toward the $2.2 billion mark, aided by mining exports and domestic central bank gold acquisitions.
10. Togo
Reserve Position: Integrated within BCEAO Regional Pool (4.7 months import cover)
2026 YTD Trend: Stable Regional Buffer
The Drivers: Togo does not hold standalone national reserves; its foreign assets are managed centrally by the Central Bank of West African States (BCEAO) in Dakar, keeping its import defense aligned with broader WAEMU monetary stability.
Comparative Overview: 2026 Reserve Landscape
| Country | Reserve Level (2026) | Primary 2026 Reserve Driver |
| Nigeria | $52.66B | Oil receipts, FPI inflows, trade surplus |
| South Africa | $73.45B | Gold price rally vs external debt servicing |
| Egypt | $56.29B | Multilateral capital, remittance recovery |
| Kenya | $15.40B | Strategic asset sales, remittances, multilateral aid |
| Ghana | $12.94B | High export earnings offset by import demand |
| Zambia | $6.20B | Mining FX tax remittances & Kwacha stability |
| Tanzania | $5.97B | Balanced agricultural and mining trade |
| Mozambique | $3.55B | Early IMF facility settlement drawdown |
| Rwanda | $2.20B | Domestic gold buying program & mining exports |
| Togo | Pooled (BCEAO) | Regional WAEMU monetary integration |
