The Bank of Namibia (BoN) is finalising agreements with Rand Refinery in South Africa to enable the purchase of gold for the country’s reserves.
Under the arrangement, gold mined in Namibia will be refined to 99.9% purity at Rand Refinery before being acquired by the central bank.
According to the Chamber of Mines, discussions with Rand Refinery are ongoing to establish the operational framework and transaction details.
“Discussions are currently underway with Navachab and B2Gold to finalise the transaction details and operational framework for facilitating the purchases through the Rand Refinery,” the Chamber noted.
The agreement is viewed as a crucial step in advancing the central bank’s plan to diversify Namibia’s foreign exchange reserves.
BoN Governor Johannes !Gawaxab said in August that the objective is to hold gold equivalent to around three percent of net reserves, in line with international standards.
“Our goal is to acquire gold from local mines, namely Navachab and B2Gold. We intend for the gold we acquire to meet international standards set by the London Bullion Market Association,” he said.
The central bank has stressed that the initiative is aimed at ensuring long-term stability and risk mitigation, rather than generating short-term profits.
The move comes against the backdrop of rising global gold prices, which have increased by an average of 32% in 2025 compared to 2024.
