Despite rising political calls for greater economic sovereignty across West Africa, most of the region’s official gold reserves and foreign assets remain heavily concentrated in Europe, according to new central bank disclosures.
West Africa’s foreign reserves, valued at about $67 billion and managed by the Central Bank of West African States (BCEAO), remain largely held through European banks and vaulting hubs, despite growing debates over economic sovereignty.
Yet its latest audited accounts show a highly concentrated structure: about 86% of external assets are held with European counterparties, 82% of foreign exchange reserves are euro-denominated, and 92% of physical gold reserves are stored in Europe.
Certified in the 2025 audit by Deloitte Côte d’Ivoire, the figures point to a system still shaped by historic monetary arrangements linked to Franco-African cooperation and later anchored to the euro after 1999.
Although a 2019 reform ended the obligation to deposit reserves with the French Treasury, the geographic distribution of assets has remained largely unchanged.
