Tanzania’s gold exports have soared to $4.3 billion in the year to August—a 36% jump over the same period last year—thanks to record-high global prices that topped $4,000 per ounce for the first time this year. The surge has cemented gold as Tanzania’s leading export earner, buoyed by investor demand for the metal as a safe haven amid US economic uncertainty and expected Federal Reserve rate cuts. However, experts warn that much of this revenue flows abroad due to foreign-dominated mining ventures, limiting local benefits. As a result, economists are urging the government to strengthen domestic participation in the sector to ensure Tanzania captures more value from its booming gold industry.
SEMAFOR
