Global | 30 July 2026
Central banks purchased a record 289 tonnes of gold during the second quarter of 2026, according to the World Gold Council’s latest Gold Demand Trends report. The increase represents a 62% year-on-year rise and marks the strongest second quarter for official-sector gold purchases on record.
A notable development has emerged across Africa, where several central banks are increasingly sourcing gold directly from domestic producers rather than international markets. Uganda launched its domestic gold purchasing programme earlier this year, while Kenya has indicated interest in adopting a similar approach as part of efforts to strengthen foreign exchange reserves and support local mining industries.
Project Herald Insight
Direct gold purchases from domestic miners represent an emerging policy trend that could reshape Africa’s gold sector.
The strategy strengthens domestic value capture, supports formalisation of artisanal mining and creates new commercial opportunities across refining, logistics and precious metals infrastructure.
Countries such as Ghana, Mali and Tanzania may attract increased investor attention if similar programmes are adopted.
Source: World Gold Council Gold Demand Trends (Q2 2026)
More Brief: https://www.theprojectherald.com/imf-lowers-sub-saharan-africa-growth-outlook/