The Bank of Tanzania (BoT) has been urged to develop a strategy for buying gold from sellers and gold miners in the country at market prices.

Speaking during the opening of the Sixth National Mining Technology Exhibition in Geita region, Deputy Prime Minister and Minister of Energy, Dr. Doto Biteko, commended the Central bank for initiating the gold buying process. So far, BoT has purchased and refined gold weighing 418 kilograms.

"Set a strategy for buying all kinds of gold at market price and approach the small-scale miners wherever they are; give them training, and they will deliver every kilogram they mine, and you will get the 6 tons you want," he said.

Dr. Biteko also emphasized that using force or regulations will not be helpful in the gold-buying process. Instead, the Central Bank should work closely with all miners and collaborate with the Ministry of Mining through their associations.

He further mentioned that the presence of well-equipped, modern technology gold processing and refining industries in the country has built trust among various buyers, including BoT. This is a significant change from the past, when such facilities were not available, and purity levels were not as high as the current 99.9%.

Previously, speaking at the BoT pavilion during the exhibition, the Governor of the Bank of Tanzania, Mr. Emmanuel Tutuba, stated that Tanzania had entered the history of countries that preserve gold as a national reserve by purchasing locally mined and refined gold.

"During this exhibition, we continue to encourage citizens to come and learn how they can sell their gold through the Central Bank. When we buy, we use the market price for that day," he said.

On her part, Assistant Manager from the BoT Financial Markets Directorate, Dr. Anna Lyimo, acknowledged the various challenges faced by small and medium-sized miners, including lack of education, capital, and technology for gold mining.

"The Central Bank has engaged various stakeholders such as State Mining Corporation (STAMICO) to reach small-scale miners. Through the Export Credit Guarantee Scheme, BoT will collaborate with STAMICO to provide loan guarantees to small-scale mining groups," she said.

Dr. Lyimo added that during the Sixth National Mining Technology Exhibition, the Bank of Tanzania is providing education to citizens on the Foreign Exchange Act, 2022. This act stipulates that all foreign exchange earnings from exports must be repatriated within 90 days.