Kenya is preparing to purchase gold reserves as part of efforts to diversify its foreign exchange holdings, according to the country’s central bank.
Central Bank of Kenya Governor Kamau Thugge said the move is intended to strengthen reserve buffers and reduce reliance on traditional reserve assets.
The announcement reflects a broader trend of African nations topping up their reserves with gold include Democratic Republic of Congo, Rwanda and Namibia.
“We anticipate going into the purchase of gold as (an) extra buffer. This is something that we have indicated before, it is one of (the) ways of diversifying our holding of reserves,” Governor Kamau Thugge told a news conference.
The comments followed a monetary policy decision aimed at supporting domestic lending and economic activity.
Key developments:
• Central Bank of Kenya plans to begin purchasing gold to diversify reserves.
• Governor Kamau Thugge confirmed gold would serve as an additional financial buffer.
• Kenya cut its benchmark lending rate by 25 basis points to 8.75% to stimulate credit growth.
• Kenya’s foreign exchange reserves stand at $12.46 billion, covering 5.4 months of imports (as of February 2026).
• Other African countries increasing gold reserves include Democratic Republic of Congo, Rwanda, and Namibia.
ℹ️ Reuters
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