The Bank of Namibia (BoN) has acquired domestically produced gold valued at approximately N$767.7 million under its Gold Acquisition Project, reaching 50.6% of the programme’s 600-kilogram target as of 3 August 2026.
According to the latest Cabinet briefing, the central bank had acquired 10,716.90 fine troy ounces of gold under the programme.
Cabinet took note of the progress and directed the Minister of Finance to urge the central bank to continue implementing the programme towards its 600kg target and provide further progress updates.
“Cabinet took note of the progress made in implementing the Bank of Namibia’s Gold Acquisition Project, including the acquisition of 10,716.90 fine troy ounces (approximately 30.4 kilograms) of domestically produced gold, valued at approximately N$767.7 million and representing 50.6 percent of the programme’s 600-kilogram target, as at 3 August 2026,” Cabinet said.
However, the Cabinet figures contain an apparent inconsistency. A holding of 10,716.90 fine troy ounces converts to approximately 333.3kg, not 30.4kg. This would broadly correspond with the stated 50.6% progress towards the 600kg target, while 30.4kg would represent only about 5.1%.
The central bank is currently implementing the first phase of the programme through monthly purchases of gold from local mines, with transactions conducted in Namibia dollars.
The programme is aimed at gradually increasing gold holdings until they account for at least 3% of Namibia’s official reserves.
BoN data for July 2026 showed official reserve assets of N$58.04 billion, of which gold was valued at N$573.4 million, representing about 0.99% of total official reserve assets.
The central bank reported gold holdings of 0.00857352 million fine troy ounces, equivalent to about 8,574 fine troy ounces, valued at a reported price of US$4,046.15 per fine troy ounce.
Based on Cabinet’s stated 50.6% completion rate, BoN had acquired approximately 303.6kg of its 600kg target, leaving about 296.4kg still to be acquired.
The discrepancies between the reported weight, fine troy ounces and percentage of the target would require clarification from Cabinet or the Bank of Namibia.
