By: Maghrebi.org

African central banks are increasing their gold reserves by prioritising domestic production, RFI reported on April 22, in a shift aimed at keeping more revenue within national economies and strengthening financial buffers as gold prices remain high.

Several gold-producing countries are starting to retain more output locally rather than exporting it, allowing central banks to buy directly from domestic supply instead of relying on international markets. Governments are supporting the shift by backing local refineries and tightening certification and storage systems.

In Uganda, the government has stepped up efforts in recent years. Olanya Olenge Tonny, a consultant in the mineral sector, said the Bank of Uganda has shifted from a regulatory role to an active market participant after launching a national gold programme in March 2026.

The country’s central bank has signed contracts with Eurogold Refinery as its main partner and Felstein Refinery as a secondary facility. It plans to begin purchases with around 100 kilograms of gold, valued at about $160 million, sourced from local refiners, according to Business Insider Africa.

The programme means gold can be processed and sold within Uganda rather than exported in raw form, allowing the central bank to build reserves from domestic production.

Other countries in sub-Saharan Africa have announced similar plans, including Kenya and Burkina Faso, which have both said they intend to increase purchases of locally produced gold.

Recent developments reflect the shift. In mid-April, 2026, the central bank of the Democratic Republic of Congo received its first gold bars from domestic mines in 10 years. The delivery follows efforts to expand refining and bring more of the sector under state oversight.

In Tanzania, exporters have been required since 2024 to allocate 20% of their production to domestic reserves. In Ghana, locally sourced gold now accounts for around one-third of central bank reserves following a programme launched five years ago. Several governments have also reviewed policies around gold revenue in recent years as part of efforts to retain more income from the sector.

The shift comes as governments seek to build reserves using locally sourced assets while reducing exposure to international markets, particularly as gold prices remain high.

RFI, Business Insider Africa, Maghrebi.org