Africa-Press – Malawi. The Reserve Bank of Malawi (RBM) has purchased 494 kilogrammes (kg) of gold as of May 31, 2025, as part of efforts to strengthen the country’s gold reserves and establish a formal gold market to combat smuggling.
The central bank acquired the gold from artisanal and small-scale miners through its local gold purchasing programme, implemented via its subsidiary, Export Development Fund (EDF).
RBM spokesperson Boston Maliketi Banda said the bank has bought 191.82kg of gold in 2025 alone, with growing interest among artisanal miners.
“The local gold purchase programme has gained traction among our artisanal miners. The aim is to create a structured market and reduce cases of smuggling,” Banda said.
Speaking on the sidelines of First Capital Bank’s 30th anniversary celebration on Tuesday RBM Governor MacDonald Mafuta Mwale said the central bank, in collaboration with EDF, is exploring ways to refine the gold to meet international monetary standards.
Mwale said the purification process would enhance the country’s reserve position and determine the gold’s valuation on the global market.
“There are plans to begin selling but because our gold is not yet processed, we are first assessing refining options and identifying potential buyers,” Mwale said.
However, economist Marvin Banda said while gold has potential to contribute meaningfully to Malawi’s economy, the country’s current reserves remain modest.
“Gold ultimately serves two purposes— either to be sold or used as collateral to access foreign currency. Selling is a one-off transaction while borrowing against it means there has to exist investment capacity to pay back the loan or risk losing the gold,” Banda said.
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