African central banks are gradually aligning with a global shift toward gold-backed reserves, as total central bank purchases reached 27 tonnes in February 2026, valued at about USD2-billion depending on prevailing prices.
The uptick marks a rebound from January’s slowdown and reflects a sustained push toward reserve diversification. Global gold demand from central banks remains highly concentrated among a small group of consistent buyers rather than being evenly spread across the global financial system.
Although more than 60 central banks have added gold in recent years, the bulk of net demand is still driven by a narrow group of aggressive accumulators, mainly in emerging markets.
According to an analysis by the World Gold Council, the National Bank of Poland has been one of the most aggressive, adding roughly 80–95 tonnes in 2025, while People’s Bank of China remains the most consistent accumulator, extending its buying streak beyond 16 months with reserves above 2 300 tonnes.
Business Insider Africa
