Tanzania’s gold exports have reached a record $4.3 billion, driven by rising global prices and increased production from both large-scale and small-scale miners, new government data shows.
According to the Bank of Tanzania’s latest report, gold — the country’s top foreign exchange earner — grew by more than 20 percent in the past year, helping cushion the economy against lower earnings from other exports such as coffee and cashew nuts.
The surge comes as global gold prices hit historic highs, trading at over $2,400 per ounce in recent months due to geopolitical tensions, inflation fears, and a weaker US dollar.
Economists say investors have turned to gold as a safe-haven asset amid uncertainty caused by conflicts in Eastern Europe and the Middle East, boosting demand for the precious metal.
“Tanzania is benefiting from a combination of higher production and global price increases,” said economist Dr. Hawa Msuya. “The challenge now is ensuring that this growth translates into jobs, better infrastructure, and more value addition within the country.”
Government reforms in the mining sector are also being credited for the strong performance.
Since 2019, the government has implemented strict regulations on mineral exports, improved tax collection, and strengthened the role of the Tanzania Mining Corporation (STAMICO) in joint ventures with private investors.
The Minister for Minerals, Anthony Mavunde, recently said the government is working to increase transparency in the mining value chain while supporting artisanal and small-scale miners.
“We want to make sure that Tanzanians fully benefit from their natural resources,” Mavunde said. “Our next step is to promote local gold refining so that more value is retained in the country.”
Data from the Tanzania Chamber of Mines shows that small-scale miners now contribute nearly 30 percent of total gold exports, a significant rise compared to five years ago.
Many operate in regions such as Geita, Shinyanga, and Mara, where new processing centers and gold markets have been established to formalize the trade and reduce smuggling.
Analysts believe the record export earnings could strengthen Tanzania’s foreign reserves and stabilize the shilling, which has been under pressure due to rising import costs.
However, they caution that the country must diversify its exports to reduce dependence on gold, whose prices are volatile.
The government also plans to expand its gold reserves and attract investors to build local refineries, aligning with President Samia Suluhu Hassan’s goal of industrializing the mining sector.
If successful, Tanzania could position itself as a leading gold refining hub in East Africa, capturing a larger share of the regional and international market.
Key Figures:
$4.3 billion — total gold export earnings (record high)
$2,400+ per ounce — average global gold price in 2025
30% — share of exports from small-scale miners
