Tanzania's central bank bought 28 tonnes of gold in 18 months to strengthen reserves and currency
TL;DR
The Bank of Tanzania (BoT), led by Governor Emmanuel Tutuba, has purchased approximately 28 tonnes of gold over the past 18 months as part of a deliberate reserve diversification strategy.
Intelligence
The program aims to strengthen foreign exchange reserves, support the Tanzanian shilling, formalize the artisanal mining sector, and advance financial inclusion, with miners paid within 24 hours at the London market price.
Over 4,000 accounts have been opened for gold traders and miners across financial institutions, signaling meaningful uptake. Tutuba disclosed the program at the 2026 African Caucus meeting of the World Bank Group and IMF in Banjul, Gambia.
Tanzania's gold accumulation strategy is a notable signal that African central banks are actively diversifying away from dollar-denominated reserves, a trend also visible in other commodity-rich African economies facing currency volatility.
For small-scale and artisanal miners in Tanzania, the 24-hour payment guarantee at London market prices creates a compelling formal-sector alternative to informal gold trading networks, which could reduce illicit flows and expand financial inclusion.
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