Tanzania Central Bank Gold Purchases Reach 35.4 Tonnes in Two Years, With 5 Tonnes Sold

The Central Bank of Tanzania (BoT) has bought 35.4 tonnes of gold from local miners in two years and has already sold 5 tonnes, according to its Governor, Emmanuel Tutuba.

On 3 October 2026, Tutuba briefed the Prime Minister, Dr. Mwigulu Nchemba, on the purchases at the BoT stand during the closing activities of the ninth National Mining Technology Exhibition, held in Geita Region since 23 September.

Nchemba commended the BoT for its management of the national economy during his visit to the stand at the National Mining Technology Exhibition.

“You have implemented the gold purchase programme well, which has made Tanzania one of the countries with gold reserves and which has started to work in strengthening the country’s currency,” he said.

“In the records of all institutions that analyse economic matters, Tanzania has continued to be seen as resilient in all the periods in which the world has experienced economic shocks,” Nchemba added.

Tutuba noted that the programme has contributed to a favourable environment in the foreign exchange market and that the BoT continues to educate miners on investing in other economic activities, because mineral resources are non-renewable.

During the visit, Tutuba toured the stands of commercial banks, the Deposit Insurance Board (DIB), the Tanzania Revenue Authority (TRA), and the Tanzania Insurance Regulatory Authority (TIRA).

He said financial institutions should look for ways to formalise mining activities and raise productivity, instead of viewing the sector through the lens of risk alone.

“For those who have not yet launched products for miners, I urge them to do so, because this sector is an opportunity and makes a major contribution to our economy,” he stated.

On 23 February 2026, CRDB Bank (DSE: CRDB) and the Mining Commission signed a financing agreement for small-scale miners, under which the Songwe Gold Family group is set to receive a TZS 50 billion loan.

Bank of Tanzania Domestic Gold Purchase Programme

The BoT announced the commencement of its Domestic Gold Purchase Programme in a public notice dated 25 September 2023, stating that it aims to bolster foreign exchange reserves by acquiring and holding gold bought from domestic miners and traders in Tanzanian shillings.

On 1 October 2024, the BoT issued a public notice setting out the programme’s terms as part of the 20% gold purchase commitment in Section 59 of the Mining Act (Cap 123), with prices following the world market price published daily by the Mining Commission.

Under those terms, sellers receive a royalty of 4% instead of 6%, an inspection fee of 0% instead of 1%, and zero-rated VAT, while the BoT pays within 24 hours of the fire assay report and covers all refining costs.

In a notice dated 8 October 2024, the BoT named Geita Gold Refinery Ltd, Mwanza Precious Metals Refinery Co. Ltd, and Eyes of Africa Ltd as the refineries where gold sellers should deliver their gold.

On 16 June 2025, the BoT signed agreements with Geita Gold Mining, Shanta Gold Mining Company, Buckreef Gold Company, and Geita Gold Refinery to acquire 20% of their annual output.

Tutuba reported that as of 13 June 2025 the BoT had acquired 5,022.85 kilograms of pure gold worth about USD 554.28 million, above its 2024/25 target of increasing reserves by USD 350 million.

The Ministry of Minerals reported that the BoT bought 21,710 kilograms, or 75.64%, of the 28,701 kilograms of gold sold through the five domestic refineries in the 2025/26 financial year.