The Tanzanian government has reaffirmed that the minerals stored by the Bank of Tanzania (BoT) serve as strategic reserves and meet international standards.

BoT Governor Emmanuel Tutuba emphasized that the central bank holds gold as a long-term asset rather than for immediate trade.

He explained that for gold to be recognized and traded internationally, it must be certified by an accredited refinery, which involves applying an official seal or hallmark.

"This certification ensures that the gold meets rigorous international standards, allowing it to be accepted by central banks and global financial institutions, thereby solidifying its role in the international monetary system."

Mr. Tutuba further mentioned that Tanzania's gold is refined to a purity level of 99.99 percent by three local refineries. However, to gain international recognition, official stamping and certification are necessary. This is done in collaboration with institutions such as the Bank of England.

"Since we began storing gold at the central bank, we have sent initial batches to the Bank of England for certification. This process typically involves a swap. We deliver our gold and receive stamped, certified gold in return, paying a specified amount for the certification."

Recently, the government sought help from Barrick Gold Corporation to facilitate the international certification of gold refined in the country. Tanzania, ranked as Africa’s fourth-largest gold producer after South Africa, Ghana, and Mali, has been buying gold from small-scale miners to strengthen its foreign exchange reserves.

However, none of the three gold refineries in Tanzania have international accreditation, prompting the government to seek Barrick’s support in ensuring compliance with global standards.

“We have a policy of buying gold from small-scale miners and refining it to be held in reserves by the Bank of Tanzania. We have requested Barrick to leverage its extensive network to help us achieve this goal,” said Minerals Deputy Minister Steven Kiruswa while addressing a gathering at Barrick’s Bulyanhulu Gold Mine in Kahama.

During a recent parliamentary meeting in Dodoma, Minerals Minister Anthony Mavunde reported that the BoT had acquired 2.6 tonnes of gold from local miners and refiners to boost the country’s reserves.

He made these remarks while presenting a report to the Parliamentary Standing Committee on Energy and Minerals on the gold refining sector's performance from March to December 2024, alongside the BoT’s gold procurement strategy.