Central Bank of Kenya Expands Gold Purchase Program to Support Local Artisanal Miners and Boost Reserves

Nairobi, Kenya – The Central Bank of Kenya (CBK) has announced a significant expansion of its bullion purchase program, a strategic move aimed at increasing its acquisitions of gold directly from local artisanal and small-scale miners. CBK Governor Gideon Muriuki stated that this initiative is intended to provide robust support to the domestic mining sector, reduce the nation's dependence on gold imports for its reserves, and systematically bolster national foreign exchange holdings.

Economic Impact and Industry Reception

Local artisans and mining cooperatives have welcomed the revised policy, as it guarantees a ready and fair market for their gold products, potentially improving livelihoods and formalizing aspects of the artisanal mining sector. Economists have also noted that increasing domestic gold purchases can contribute positively to strengthening Kenya's foreign exchange reserves, thereby offering greater stability and support for the Kenyan shilling in international currency markets. The program is also expected to enhance transparency in the local gold trade.