BoZ’s $470 million gold reserve built over six years, is Zambia’s Central Bank doing enough?

The Bank of Zambia (BoZ), the nation’s central bank, has announced that it has accumulated nearly $470 million in gold since initiating its domestic gold purchase program in December 2020.

This figure represents less than half a billion dollars in value since the Bank embarked on purchasing locally produced gold in December 2020. The program was officially launched on December 11, 2020, when BoZ signed its first local gold purchase agreements.

According to Governor Dr. Denny Kalyalya, who spoke at a media briefing for the Monetary Policy Rate announcement for the Second Quarter of 2026, attended by the Zambian Business Times – ZBT, the total gold holdings now amount to 3,620.43 kilograms, with a market value of $468.7 million as of July.

In July alone, the bank purchased 62.21 kg of gold worth $8.2 million. Dr. Kalyalya noted that while the quantity of gold held by the bank has increased, recent declines in global gold prices have affected the overall value of these holdings.

“Although we have added to the tonnage, the value in dollar terms has decreased due to falling gold prices,” he explained adding that as of September 29, the average price of gold was $4,160 per ounce. Some experts have, however, raised concerns regarding the pace of the BoZ’s gold acquisitions, particularly in light of ongoing illegal gold mining activities across the country.