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The Bank of Tanzania (BoT) has bought more than Sh400 billion worth of gold in the past three months, as part of a program designed to support local miners.
From October to December 2024, the central bank acquired two tonnes of gold. This initiative is aimed at boosting the mining sector by offering miners better market conditions. The BoT has been purchasing gold at global market prices, removing inspection fees, and reducing the two percent royalty charges that miners typically face.
Joshua Mganga, an official from the BoT’s foreign exchange unit, shared the positive impact of the program during a training session for women miners focused on value addition.
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“These incentives have really helped build trust and confidence among miners, encouraging them to sell their gold to the central bank, something that wasn’t happening as much in previous years,” Mganga explained.
The government’s broader goal is to increase the country’s foreign reserves, strengthen the national economy, and help local miners grow their businesses. The program has been well-received, with many small-scale miners now able to benefit from a more reliable and profitable market.
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