Zambia steps up gold aggregation to stabilise kwacha and build reserves

• ZCCM-IH has acquired 14kg of gold worth $1.4m in three months
• Central bank holds 2.8 tonnes as country eyes wider formalisation push

LUSAKA, ZAMBIA – Zambia is intensifying efforts to expand its gold reserves as part of a broader strategy to stabilise the kwacha, bolster foreign exchange buffers and address widening fiscal pressures. The move mirrors Ghana’s recent reforms, where the government established a regulatory authority to oversee the local gold market and tap into surging global prices—up more than 23% this year—as investors seek safe-haven assets amid persistent economic uncertainty.