Kenya is preparing to add gold to its foreign exchange reserves, joining a growing group of African countries turning to the precious metal as a financial buffer. Central Bank Governor Kamau Thugge said the move is part of a broader strategy to diversify reserves and strengthen buffers against global economic shocks. The shift comes as Kenya works to stimulate growth, following a recent interest rate cut aimed at boosting lending. With reserves currently standing at $12.46 billion—covering about 5.4 months of imports—gold is seen as a stable store of value in uncertain times. Countries like Rwanda, Namibia, and the Democratic Republic of Congo have already embraced the same approach, signaling a wider regional trend.
CNBC Africa
