Tanzania set to launch international gold trading centre in Geita

It has been announced that Tanzania will unveil an international gold trading centre in Geita, according to All Africa.

The country is set to join South Africa and Botswana which has a gold exchange hub and diamond bullion market respectively.

It is anticipated that the gold hub will ease mineral trading and allow businesses to pay the required levies to the government.

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With Geita producing more than 40% of the gold exported from Tanzania, it is believed that each of the five districts in the region will have one gold collection centre for small-scale miners.

The development is aligned with President John Magufuli’s latest directive in order to ensure that Tanzania leads the way in the international gold sector.

In 2017, President Magufuli requested the construction of a 24km perimeter wall to surround the tanzanite mines in Mererani, Manyara Region, in a bid to curb smuggling of the rare gemstone.