Bank of Zambia will not purchase illegal Gold -Kalyalya

BANK OF ZAMBIA’s Governor Denny Kalyalya stated that the central bank will not buy gold sourced from “gold rush” areas across the country due to ethical concerns like child labor and militia involvement.

Currently, BoZ holds around 2.8 tonnes of gold in its reserves, valued at US$300 million.

During a media tour and briefing at the Zambia International Trade Fair (ZITF) on Sunday, Dr. Kalyalya mentioned that the process of purchasing gold with the local currency is still ongoing.

However, Dr. Kalyalya pointed out that BoZ is not engaging in buying gold from the gold rush districts for several reasons.

He explained that the gold from these districts is unprocessed.

Dr. Kalyalya emphasized that BoZ can only acquire gold from locations where it is mined and processed properly, without any involvement of child or slave labor.