DAR ES SALAAM, July 8 – The Bank of Tanzania has acquired approximately 28 metric tonnes of gold over the past 18 months as part of its strategy to strengthen the country’s international reserves and support the stability of the Tanzanian shilling, Governor Emmanuel Tutuba said.
According to a statement issued by Tanzania’s Ministry of Finance, the gold purchased is valued at approximately $3.68 billion at current market prices. Tutuba made the remarks during an International Monetary Fund (IMF)-World Bank meeting held in The Gambia, with the ministry releasing the statement on Wednesday.
The central bank has been building its gold reserves since 2023, reflecting a broader effort to diversify reserve assets and improve the country’s resilience against external economic shocks.
In September 2024, Tanzania’s mining regulator introduced new rules requiring all mining companies and gold exporters to allocate at least 20% of their gold production for sale to the central bank, providing a steady source of supply for the reserve accumulation programme.
Tanzania is among Africa’s top 10 gold producers, with the precious metal remaining one of the country’s most important export commodities and a key contributor to foreign exchange earnings.
Speaking on the impact of the initiative, Tutuba said the programme had also helped deepen financial inclusion within the mining sector.
According to the governor, “the gold purchase programme has resulted in more than 4,000 new accounts being opened at financial institutions by mineral traders and small-scale miners.”
The expansion of formal banking participation is expected to improve financial transparency and strengthen access to financial services for participants across Tanzania’s mining industry.
At the central bank’s latest monetary policy announcement, Tutuba also disclosed that Tanzania held approximately $6 billion in foreign exchange reserves, equivalent to 4.3 months of import cover, underscoring the country’s efforts to maintain external stability amid evolving global economic conditions.
The gold accumulation programme forms part of Tanzania’s broader strategy to reinforce macroeconomic stability, strengthen reserve buffers and maximise the economic benefits of its mineral resources.
