Finanzen / Bilanzen

African countries such as Tanzania and Nigeria rely on gold

Tanzania buys domestic gold production and Nigeria brings home gold reserves.

Tanzania is the fifth largest country in Africa in terms of population and is home to many gold mines. Gold has been mined in Tanzania since 1909. Now the mining industry is to be strengthened and expanded, especially the small-scale mining companies. The aim is also to strengthen the foreign exchange reserves with a major gold purchase initiative. And the dependence on a single currency is to be reduced. Until now, the currency reserves have consisted solely of US dollars. The Tanzanian shilling has reached a historic low against the US dollar. The Bank of Tanzania has already bought and refined 418 kilograms of gold. The funds for the gold purchases come from the local government. Gold therefore serves to protect against currency devaluation and to protect economic stability. Inflation in Tanzania is around 3.6 percent.

Nigeria is also focusing on gold. Nigeria is the most populous country in Africa and the sixth most populous country in the world (230 million inhabitants). Nigeria is now also among the countries that want to bring their gold reserves back home. The reason is to minimize the risks associated with the weakening US economy. This is how Nigerian politicians see it. Nigeria has around 21 tons of gold in its reserves. The motives are to protect wealth and strengthen financial resilience. Only recently, India also brought 100 tons of gold home from vaults in the UK. The trend towards gold repatriation is not new; even before the Western sanctions against Russia, various countries were already repatriating their gold. Private investors are also well advised to invest in gold, for example with Osisko Gold Royalties or U.S. GoldMining.

Osisko Gold Royalties – focuses on gold and copper. The second quarter of 2024 brought the company a record cash margin.

U.S. GoldMining – owns and is exploring the Whistler project in Alaska. It covers a good 217 square kilometers and contains gold and copper.

Current company information and press releases from U.S. GoldMining (- -) and Osisko Gold Royalties (- -).

In accordance with §34 WpHG I would like to point out that partners, authors and employees may hold shares in the respective companies addressed and thus a possible conflict of interest exists. No guarantee for the translation into English. Only the German version of this news is valid.

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Jörg Schulte
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