The Bank of Mozambique is preparing to buy gold mined in the country to strengthen its foreign reserves, Governor Felisberto Navalha said in Tete on 28 October. The bank is drafting a work plan with the mining ministry and has given no volumes or start date. It held about 126,600 ounces of gold at the end of 2025, and the government’s 2027 budget proposal forecasts record output of 1,809 kilograms, about 44% above this year’s estimate. Domestic purchases would let the bank build reserves from local production, as several other African central banks do, and give miners a local buyer. Their scale depends on certifying the gold’s legal origin and on plans for a first domestic refinery.
Sources
- Banco de Moçambique (official): https://www.bancomoc.mz/pt/media/noticias/governador-felisberto-navalha-procede-%C3%A0-abertura-do-51-%C2%BA-ccbm-em-tete/
- Forbes África Lusófona: https://forbesafricalusofona.com/banco-de-mocambique-prepara-compra-de-ouro-nacional-para-reforcar-reservas-externas/
- Club of Mozambique (Lusa): https://clubofmozambique.com/news/mozambique-central-bank-plans-to-buy-national-gold-to-strengthen-foreign-reserves/