The Bank of Tanzania (BoT) has accumulated about 28 tonnes of gold valued at approximately US$3.68 billion (around Sh9.76 trillion) over the past 18 months as part of the Government's wider strategy to strengthen the country's foreign exchange reserves and improve economic stability.

The figures were presented by BoT Governor Emmanuel Tutuba during a panel discussion on central bank gold operations at the 2026 African Caucus meeting of the International Monetary Fund (IMF) and the World Bank held in Banjul, Gambia.The gathering brought together representatives from 54 African countries to discuss major economic and financial priorities across the continent.

According to Mr Tutuba, the gold purchase programme has enabled Tanzania to diversify its reserve assets by holding both gold and foreign currency, helping to support the value of the Tanzanian shilling while strengthening confidence in the financial sector.

He also explained that the initiative has contributed to the formalisation of the mining industry by encouraging small-scale miners and mineral traders to participate in the formal financial system.More than 4,000 miners and traders have reportedly opened bank accounts and gained access to banking services through the programme.

The Governor said the Bank's policy of paying competitive market prices, based on the daily London gold price, and completing payments within 24 hours has encouraged miners and traders to sell their gold directly to the central bank.

Tanzania's delegation at the African Caucus meeting was led by Finance Minister Ambassador Khamis Mussa Omar and included senior government and Bank of Tanzania officials.

The forum continues to focus on shared African priorities such as debt management, infrastructure development, climate finance, poverty reduction, job creation and economic reforms.