Government allocates Tsh 1 trillion towards buying gold

By Lake Zone Watch Writer

The government, through the central bank (BoT), has allocated Tsh 1 trillion towards the purchase of gold from miners as a strategy to improve the economy and to ensure the availability of foreign currecy.

Speaking yesterday in Geita at the closure of the 7th Mineral Technology Exhibition, President Samia Suluhu Hassan said for the 2022/2023 financial year the mineral sector has played a key role in generating 56 per cent of the much-needed foreign exchange.

The president said that Tsh 250 billion have been set aside as loan collateral to mineral dealers to enable themobtain capital.

According to the president, in 2023 minerals worth Tsh 2 triillion were sold to 44 markets and centres in various places in the country.

Since 2019 to 2024, an estimated 20.8 tons of gold worth Tsh 5.2 trillion have been purchased from miners and mineral dealers in the country, the president said.

She said government recognises the 40 per cent mineral contribution from the nation’s artisanal miners. She granted 21 mining licences to youth and women groups including GEWOMA, Ushirika Madirisha and TEWOMA, which are engaged in small-scale mining.

At the Geita closure of the Mining Technology Exhibition, Deputy Prime Minister, Dotto Biteko, praised the Ministry of Minerals for its efforts in transforming the mineral sector value chain, value addition and its 50 per cent indepth research programme by 2030.

On his part, the Minister for Minerals, Anthony Mavunde, said in strengthening the mineral sector for increased productivity government will construct laboratories at Dodoma and Geita to enable small-scale miners to send their samples for testing.

The minister told the president that within 90 days of fiscal year 2024/2025, the Mining Cimmission has collected Tsh 287 billion, which is equivalent to 106 per cent.

Speaking at the same venue, Geita Urban Member of Parliament, Constantine Kanyasu, thanked President Samia for funding various projects in such sectors as health, education, water and roads.

John Bina, president of the Federation Miners’ Associations of Tanzania (FEMATA) requested President Samia to change Vision 2030 Madini ni Maisha na Utajiri to a national agenda instead of remaining as a sectoral issue.

Leave a Reply

Your email address will not be published. Required fields are marked *