The Governor of the Bank of Tanzania (BoT), Mr. Emmanuel Tutuba, has said that over the past 18 months, the Bank of Tanzania has purchased and accumulated approximately 28 tonnes of gold, valued at US$3.68 billion (based on the previous day's gold market price), equivalent to TZS 9.76 trillion. The initiative forms part of the Government's strategy to strengthen the country's foreign exchange reserves, safeguard the value of the Tanzanian shilling, enhance financial sector stability, and support economic growth.

Mr. Tutuba made the remarks while participating in a panel discussion on Central Bank Gold Operations during the 2026 African Caucus Meeting of the World Bank Group and the International Monetary Fund (IMF), which brought together representatives from 54 African countries. The meeting was held in Banjul, The Gambia, from 6 to 8 July 2026.

He said that the gold purchasing programme has not only enabled the country to diversify its reserve assets by holding gold as an alternative to foreign exchange reserves, but has also promoted formalization within the mining sector and enhanced financial inclusion among gold traders, including small-scale miners. Through the initiative, the Bank of Tanzania has facilitated the opening of more than 4,000 bank accounts for these groups across various financial institutions.

Governor Tutuba further explained that the competitive market prices offered by the Bank of Tanzania have encouraged a positive response from gold traders and miners to sell their gold to the central bank.

"We pay gold miners and traders promptly, within 24 hours of the sale, at the London gold market price prevailing on that day. This has made selling gold to the Bank of Tanzania highly attractive," Governor Tutuba said.

The Tanzanian delegation to the meeting was led by the Minister for Finance, H.E. Ambassador Khamis Mussa Omar (MP). Other members included the Minister of Finance and Planning of the Revolutionary Government of Zanzibar, Hon. Dr. Juma Malik Akil, the Governor of the Bank of Tanzania, Mr. Emmanuel Tutuba, and Tanzania's Ambassador to Nigeria, who is also accredited to The Gambia, H.E. Ambassador Selestine Kakele.

The meeting brought together African leaders, policymakers, financial experts, development partners, representatives from all 54 African countries, and delegates from international institutions, including the World Bank Group and the International Monetary Fund (IMF).

Held at the Sir Dawda Kairaba Jawara International Conference Centre (SDKJICC) in Banjul, the African Caucus serves as a platform for African Governors of the IMF and the World Bank Group to articulate common positions on key development priorities. These include debt management, climate finance, infrastructure development, poverty reduction, job creation, trade, and economic reforms.