How BoT’s pact with gold companies will boost forex reserves
Finance minister Mwigulu Nchemba speaks during the signing of gold purchase and refining agreements between the Bank of Tanzania and three mining firms and a gold refinery in Dodoma yesterday. PHOTO | CORRESPONDENT
Dodoma. The Bank of Tanzania (BoT) has signed a milestone agreement with key gold mining firms and the Geita Gold Refinery in a move aimed at streamlining gold purchases and transportation within the country as part of efforts to strengthen Tanzania’s foreign exchange reserves.
The agreement signed on Monday June 16, 2025 brings together Geita Gold Mining (GGM), Shanta Gold, Buckreef Gold and Geita Gold Refinery (GGR). It comes as the BoT scales up its gold-buying programme from the local market to bolster the country’s reserve assets.
