Browsing: Ashanti gold

• As more countries choose gold over dollar for national reserve, Tanzania is requiring all miners to remit 20% of their gold output.
• This is part of Tanzania’s shift from U.S. dollar reserves system to the precious mineral since creating it’s national gold reserve last year. 
• Across the continent, Kibali, a gold mine in the DRC remains the largest gold producer in Africa.

Gold is dominating international markets, with soaring demand set to reshape Africa’s gold mining industry. As more countries shift toward trading in local currencies, gold is emerging as a strong contender against the U.S. dollar as the preferred store of value. This raises a critical question—why aren’t African economies, rich in gold, building up their own gold reserves?

Take for instance, the case of Tanzania, a country that ranks between third and fourth largest gold producers in Africa, this wealth of one of the most valuable minerals does …