Bank of Namibia advances gold reserve plan
Store of value
Ogone Tlhage
The Bank of Namibia (BoN) has commenced discussions with miners B2Gold and QKR to purchase gold from them for onward refinery to start including it in its resources, according to its governor Johannes !Gawaxab.
This follows earlier pronouncements that the central bank would like to start including gold as part of its reserves. The BoN had in May voiced its intent to President Netumbo Nandi-Ndaitwah of its desire to have gold form part of its reserves.
“We plan to acquire from local mines, that is B2Gold and Navachab (QKR). We want the gold we acquire to meet international standards, so we will also purify the gold that we acquire. We want to keep it in the vaults of the BoN, and we want to regard that as part of our reserves,” he said.
!Gawaxab said discussions had also been held with the Rand Refinery in South Africa, to further refine the gold the central bank would acquire to 99% purity, which will then form part of its reserves.
“We want to acquire gold for strategic purposes, and it is a long-term view that we are taking. We have engaged the management of Rand Refinery in South Africa, since the local mines can only refine to 80% purity,” !Gawaxab said of work done to start adding gold to the reserves of the BoN.
Gold reserves would form 3% of the central bank’s reserves, a threshold deemed in line with international best practices, !Gawaxab said.
Meanwhile, the BoN, during its monetary policy meeting held this week, said the stock of international reserves remained adequate, rising to N$58.1 billion at the end of July 2025.
“This level of foreign reserves translates to an estimated import cover of 3.8 months, which is considered adequate to sustain the currency peg between the Namibia dollar and South African rand and meet the country’s international financial obligations,” it said.
The Bank of Namibia (BoN) has commenced discussions with miners B2Gold and QKR to purchase gold from them for onward refinery to start including it in its resources, according to its governor Johannes !Gawaxab.
This follows earlier pronouncements that the central bank would like to start including gold as part of its reserves. The BoN had in May voiced its intent to President Netumbo Nandi-Ndaitwah of its desire to have gold form part of its reserves.
“We plan to acquire from local mines, that is B2Gold and Navachab (QKR). We want the gold we acquire to meet international standards, so we will also purify the gold that we acquire. We want to keep it in the vaults of the BoN, and we want to regard that as part of our reserves,” he said.
!Gawaxab said discussions had also been held with the Rand Refinery in South Africa, to further refine the gold the central bank would acquire to 99% purity, which will then form part of its reserves.
“We want to acquire gold for strategic purposes, and it is a long-term view that we are taking. We have engaged the management of Rand Refinery in South Africa, since the local mines can only refine to 80% purity,” !Gawaxab said of work done to start adding gold to the reserves of the BoN.
Gold reserves would form 3% of the central bank’s reserves, a threshold deemed in line with international best practices, !Gawaxab said.
Meanwhile, the BoN, during its monetary policy meeting held this week, said the stock of international reserves remained adequate, rising to N$58.1 billion at the end of July 2025.
“This level of foreign reserves translates to an estimated import cover of 3.8 months, which is considered adequate to sustain the currency peg between the Namibia dollar and South African rand and meet the country’s international financial obligations,” it said.
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