Tanzania has ramped up efforts to strengthen its gold reserves by implementing a domestic gold purchase programme, a move aimed at enhancing financial security and economic stability.
The initiative, led by the Bank of Tanzania, seeks to increase the country’s gold holdings by sourcing directly from local miners. Officials say the strategy will support the mining sector while reducing dependency on foreign reserves.
“This programme ensures that our national wealth remains within our economy and contributes to long-term stability,” said a central bank representative.
Gold is a crucial component of Tanzania’s economy, accounting for a significant share of exports. By purchasing gold domestically, the government aims to bolster currency reserves, cushion against economic shocks, and promote local production.
Experts believe that strengthening gold reserves could also help Tanzania navigate global financial fluctuations and improve investor confidence. The move aligns with broader efforts by African nations to leverage natural resources for economic growth.
With global gold prices remaining strong, Tanzania’s domestic purchase initiative is expected to reinforce financial resilience and provide long-term economic benefits for the country.