Banjul. The Bank of Tanzania (BoT) has purchased and accumulated nearly 28 tonnes of gold over the past 18 months as part of the government’s strategy to strengthen foreign exchange reserves, stabilise the Tanzanian shilling and reinforce the country’s financial system.
BoT Governor Emmanuel Tutuba said the gold holdings are currently valued at about $3.68 billion, equivalent to Sh9.76 trillion, based on prevailing international market prices.
He made the remarks during a panel discussion on central bank gold purchasing strategies at the 2026 African Caucus meeting, jointly organised by the World Bank and the International Monetary Fund in Banjul.
The annual gathering brings together representatives from 54 African countries.
Tutuba said the programme has enabled Tanzania to diversify its reserve assets by holding gold alongside foreign currencies.
He added that the initiative has also promoted the formalisation of the mining sector and expanded financial inclusion among mineral traders, particularly small-scale miners.
According to the governor, BoT’s gold purchasing programme has facilitated the opening of more than 4,000 bank accounts for gold traders and miners across various financial institutions, increasing their participation in the formal financial system.
He attributed the programme’s success to the competitive prices offered by the central bank, which have encouraged traders and miners to sell their gold to BoT.
“We pay gold miners and traders within 24 hours of the transaction. We also purchase gold at the London market price of the day. This has made selling to the Bank of Tanzania an attractive option,” Tutuba said.
Tanzania launched the domestic gold purchase programme to strengthen its reserve assets while supporting the country’s mining industry.
The initiative has gained momentum amid sustained global demand for gold as a strategic reserve asset.
The Tanzanian delegation at the African Caucus meeting is led by Khamis Mussa Omar.
It also includes Juma Malik Akil, Governor Tutuba and Selestine Kakele.
