Tanzania Launches International Gold Centre

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  • Tanzania Launches International Gold Centre

In an effort to deepen mining sector reforms and reduce smuggling of solid minerals, Tanzania has launched an international gold trading centre, the very first in East Africa.

The trading centre is meant to facilitate trade in the mining sector, discourage smugglers and ensure businesses pay their levies to the government.

The trading centre is located in the gold-rich region of Geita that produces more than 40 per cent of the gold from the country.

Robert Gabriel, the Commissioner, Geita, said each of the five districts in the region will have one gold collection centre for small-scale miners and two banks where gold transactions will be taking place.

According to President John Magufuli, Tanzania is not generating enough precious commodity due to smuggling, therefore, the trading hub is part of a broader reform strategy to enhance revenue generation and strengthen the industry.

“We are not profiting from our gold as we should,” President Magufuli said.

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York based Talk Markets and Investing.com, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]; Tel: +2347065163489.

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