Central banks from East African Community (EAC) member states Kenya, Uganda, the Democratic Republic of Congo (DRC), Burundi, Somalia, and South Sudan visited the Bank of Tanzania (BoT) Mwanza branch to study its gold purchase program.
The initiative follows directives from the 28th meeting of the EAC Monetary Affairs Committee (MAC) in May 2025, which tasked BoT with building regional capacity in gold buying and selling. Since its launch in October 2024, BoT has made notable progress under the program.
Dr. Nicas Yabu, Director of the BoT Training Institute, said the gold purchase initiative strengthens and diversifies foreign currency reserves.
“In the current global economic landscape, it is important to leverage our regional natural resources, particularly gold, to enhance and diversify our foreign currency reserves,” Dr. Yabu said.
He noted that global political tensions have compelled many central banks worldwide to increase gold reserves as a strategic safeguard.
Dr. Yabu revealed that by February 12, 2026, BoT had purchased 19.38 tonnes of gold, valued at USD 3.07 billion.
During the visit from February 16 to 20, 2026, delegates toured the Mwanza Precious Metals Refinery and Geita’s gold processing plant, gaining practical insights into gold refining and management.