No, Africa Is Not Moving Toward a Gold-Backed Currency, and Neither Is Anyone Else
Burkina Faso gold reserves, Courtesy of the African Review
Burkina Faso gold reserves, Courtesy of the African Review
Speculation has long existed that nations like China or Russia, or groups such as BRICS, ASEAN, OPEC, the Economic Community of West African States (ECOWAS), or the African Continental Free Trade Area (AfCFTA), might start using gold for trade or establish a common gold-backed currency to dethrone the dollar and impoverish America. However, gold cannot function as currency, and with the US holding the most gold, it would remain the richest country, unraveling this narrative quickly.
The countries with the largest gold reserves are the United States (8,133 metric tons), Germany (3,352 metric tons),
