Tanzania taps into its gold reserves to fund infrastructure projects, boosting economic growth and national development through resource management.
Tanzania is turning to its own balance sheet to fund development, with Dar es Salaam announcing plans to sell part of its substantial gold reserves, currently valued at $1.3 billion, to finance major infrastructure projects. According to Minister of State Kitila Mkumbo, President Samia Suluhu Hassan has directed the central bank to proceed with a partial sale. However, he did not disclose the volume involved. The move comes as foreign aid dries up, pushing governments across Africa to seek alternative funding sources. With gold prices near record highs, the timing could work in Tanzania’s favor, especially after years of building reserves by buying from local miners. Political tensions with European partners have also weighed on external support, reinforcing Dar es Salaam’s shift toward self-reliance in financing growth.
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