00:00Tanzania is rapidly building one of Africa's biggest gold reserves,
00:04with its central bank buying nearly 28 tons of gold over the past 18 years, worth an estimated
00:11$3.7 billion. The move forms part of a strategy to strengthen the country's foreign exchange
00:18reserves and support the Tanzanian shilling. A key policy introduced in 2024 requires mining
00:26companies and gold traders to sell 20% of their exported gold directly to the Bank of Tanzania,
00:33allowing the country to build reserves from its own production rather than relying on international
00:38markets. Officials say the strategy has helped lift foreign reserves to around $6 billion while
00:45also creating thousands of new bank accounts for small-scale miners and traders.
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