Africa-Press – Zambia. Bank of Zambia (BOZ) Governor Dr Denny Kalyalya has reaffirmed the importance of organised gold mining as a strategic opportunity for Zambia’s economic development.
Speaking at the Manenga Ndulo Conference on Economic Development hosted by the Southern African Institute for Policy and Research (SAIPAR), Dr Kalyalya observed that Zambia has yet to take meaningful strides in formalising its gold mining and trading activities.
He noted that doing so could unlock significant national benefits, particularly for small-scale and artisanal miners.
Since 2020, the Bank has purchased gold worth approximately 350 million kwacha from companies such as First Quantum Minerals.
Dr Kalyalya explained that while gold mining near copper deposits presents promising opportunities, refining is essential for the Bank to purchase the commodity.
He reiterated the need to transact in kwacha to ensure programme viability and sustainability.
The Bank is currently working with government to support small-scale miners, aiming to improve practices and protect miners from exploitation.
Dr Kalyalya highlighted the risks associated with unsustainable mining methods, child labour, and market vulnerabilities. He observed that without proper organisation, artisanal miners remain susceptible to exploitation by middlemen who undervalue their gold—ultimately undermining Zambia’s ability to benefit from its natural resources.
The event was supported by the Government of Ireland’s International Development Programme.
Dr Kalyalya also paid tribute to Professor Manenga Ndulo, describing him as one of Africa’s most respected economists and public intellectuals.
He credited Prof Ndulo’s work with shaping Zambia’s economic thought and contributing to regional development.
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