The Bank of Tanzania (BoT) has signed agreements with mining companies Geita Gold Mine (GGM), Buckreef Gold Ltd, and Shanta Ltd, allowing these companies to sell at least 20% of the gold produced to BoT, as stipulated in Section 59 of the Mining Act, Chapter 123.
The signing ceremony for the gold sale agreements took place yesterday, June 16, 2025, in Dodoma, witnessed by the Minister of Finance, Dr. Mwigulu L. Nchemba, and the Minister of Minerals, Hon. Anthony Mavunde.
During the event, Hon. Mwigulu Nchemba praised President Dr. Samia S. Hassan for her visionary leadership, which has spurred the growth of BoT's gold reserves, thereby strengthening Tanzania's economy.
"The government, through the Ministry of Finance, will continue to empower the central bank in gold purchases to increase the country's monetary gold reserves.
I commend Minister Mavunde for the effective management of the mining sector that has led to this milestone. I believe that in the coming years, our country will be among those with significant gold reserves through the Central Bank," said Dr. Mwigulu.
Minister of Minerals, Hon. Anthony Mavunde, also commended all mining and mineral processing companies for signing these agreements, which have a substantial impact on boosting Tanzania's economy and enhancing the value addition of minerals in the country.
Mavunde added that the gold purchasing initiative by BoT from both small and large miners will position Tanzania on the African map as one of the top 10 countries with significant gold reserves through the Central Bank.
In a preliminary report, the Governor of the Central Bank, Mr. Emmanuel Tutuba, stated that this gold purchasing initiative through BoT will help strengthen the economy and the Tanzanian Shilling, and that the bank is committed to increasing its gold reserves by continuing annual purchases to fulfill the government's goal of maintaining a gold reserve that will ensure a robust economy for Tanzania.