Tanzania to begin Gold Trading System

Brokers will be buying gold from small -scale miners in the eight official centres

The first ever International gold exchange in Tanzania is set to begin this month in line with President. John Magufuli’s latest directive to ensure that Tanzania takes a lead in the International gold business.

According to the Federation of Miners Association of Tanzania (FEMATA), there are more than six million small-scale miners across Tanzania.

The international gold bullion will boost the earnings of small scale miners generated from gold mining activities as well as maximise government revenues

Last month a bill designed to remove payment of withholding tax of 5 per cent and 18 per cent value added tax by small-scale miners in the country was endorsed.

Your Friends Also Read:  Starlink’s Constellation SpaceX to Provide Internet Service to 25 Million Nigerians

Brokers will be buying gold from small -scale miners in the eight official centres established in the Tanzanian Geita region before trading with dealers in the gold market.

Geita regional Commissioner, Robert Gabriel announced that two Tanzanian banks, CRDB and Azania are finalising branch set-ups within the gold –trading complex to aid safe and secure transactions. “Since the gold market will attract huge volumes of business, banks will facilitate smooth transactions in the business,” he said.

“The gold exchange will also open up other business venues such as hotels, in the region, increasing the use of airports within proximity”, Gabriel adds.

Your Friends Also Read:  South African Rand Weakens Against Strong Dollar

Bank of Tanzania Research Manager, Dr. Nicas Yabu, highlights the economic advantages.

“The gold exchange will help the country get correct statistics of gold exports and earnings generated,” he said, noting that, initially, the business will be conducted manually but with time it will be linked with the institution’s systems for monitoring.

Tanzania will join other African countries with existing exchanges- Botswana with a Diamond exchange and South Africa with a gold exchange.
Tanzania is ranked fourth in gold production in Africa after South Africa, Ghana and Mali. The key gold mining areas in the country are Geita, Mwanza, Shinyanga, Mbeya and Mara.

Your Friends Also Read:  Panic as Fuel Prices Soar in Tanzania

Geita accounts for almost 35 per cent of Tanzania’s gold output.
.


All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from News Central TV.

Contact: digital@newscentral.ng

Total
0
Shares

Leave a Reply

Previous Article

Women in Mauritania are calling for tougher sexual violence laws

Next Article

One mid-wife in South Sudan is creating a healthcare legacy

Related Posts
Powered by Live Score & Live Score App