The Bank of Tanzania (BoT) has accumulated nearly 28 tonnes of gold worth $3.68 billion (about Sh9.76 trillion) over the past 18 months, underscoring the country's growing use of gold reserves to strengthen macroeconomic stability amid an increasingly uncertain global economy.
BoT Governor Emmanuel Tutuba disclosed the figures on Monday while speaking at a high-level panel on Central Bank Gold Operations during the 2026 African Caucus Meeting of the World Bank and the International Monetary Fund (IMF) in Banjul.
The purchases form part of the government's broader strategy to diversify foreign exchange reserves, support the Tanzanian shilling, enhance financial sector resilience and cushion the economy against external shocks.
"Over the last 18 months, the Bank of Tanzania has purchased and stored approximately 28 tonnes of gold valued at $3.68 billion," Mr Tutuba said, describing the initiative as a strategic investment in the country's financial stability.
Beyond boosting official reserves, the programme has also reshaped Tanzania's gold market by drawing more miners and traders into the formal financial system.
Mr Tutuba said the central bank's intervention has accelerated the formalisation of the mining sector while improving financial inclusion, particularly among artisanal and small-scale miners. More than 4,000 bank accounts have been opened by gold traders and miners through commercial banks and other financial institutions since the programme was introduced.
The governor attributed the strong response from miners and licensed dealers to the Bank of Tanzania's transparent pricing model and prompt payment system.
"We pay gold miners and traders within 24 hours after a transaction is completed, using the London gold market price of that day. This has encouraged more traders and miners to sell their gold to the Bank of Tanzania," he said.
The approach, he noted, has helped build confidence among market participants while ensuring the central bank acquires gold at internationally competitive prices.
The programme reflects a broader trend among central banks worldwide, many of which have increased their gold holdings in recent years as they seek to diversify reserve assets and reduce exposure to volatility in global financial markets.
Tanzania's participation in the African Caucus comes as African economies continue to pursue coordinated policies aimed at strengthening economic resilience, expanding investment and addressing shared development challenges.
The Tanzanian delegation is led by the Minister for Finance, Ambassador Khamis Mussa Omar, and includes the Zanzibar Minister for Finance and Planning, Dr Juma Malik Akil, BoT Governor Emmanuel Tutuba, and Tanzania's Ambassador to Nigeria, Selestine Kakele, who also oversees diplomatic relations with The Gambia.
The annual African Caucus brings together finance ministers, central bank governors, policymakers and development partners from 54 African countries, alongside senior officials from the World Bank and the IMF.
The forum enables African countries to coordinate positions on issues ranging from debt sustainability and climate finance to infrastructure development, trade, employment and economic reform.
For Tanzania, the discussion provided an opportunity to showcase how the country's gold purchase programme is serving not only as a reserve management tool but also as a catalyst for greater formalisation of the mining industry and deeper integration of small-scale miners into the formal economy.
