BCEAO Keeps $67 Billion of West African Reserves Concentrated in Europe Despite 2019 Reform
Updated
Updated · Business Insider Africa · May 22
BCEAO Keeps $67 Billion of West African Reserves Concentrated in Europe Despite 2019 Reform
2 articles · Updated · Business Insider Africa · May 22
BCEAO’s latest audited accounts show West Africa’s roughly $67 billion in reserves remains heavily Europe-centered, with 86% of external assets held with European counterparties and 82% of FX reserves in euros.
Physical gold is even more concentrated: 92% of reserves are stored in Europe, mainly in London and Zurich, where deeper liquidity and custody infrastructure still outweigh sovereignty-driven relocation efforts.
The central bank’s gold stock totaled 1.52 million ounces at end-2025, worth about €5.5 billion, with its 44% year-on-year rise driven largely by higher global prices rather than fresh buying.
A 2019 reform ended the requirement to place reserves with the French Treasury, but the asset map barely shifted, underscoring how formal autonomy still depends on European banking and vault networks.
As West Africa explores digital currencies, is repatriating physical gold the true path to modern economic sovereignty?
Why does a region rich in gold keep its national wealth in Europe, fueling calls for a financial rebellion?