The Bank of Mozambique intends to start buying gold produced in the country as part of the process of diversifying its reserves, the institution’s governor, Felisberto Navalha, announced today in Tete.
“In the area of international reserve management, and in coordination with the Ministry of Mineral Resources and Energy, we are drawing up a work plan aimed at operationalising the acquisition of domestically produced gold,” the governor said at the opening session of the institution’s 51st Advisory Council meeting.
The measure, he said, is “in line with the trend among central banks”, including those in the African region, “of strengthening and diversifying international reserves through the acquisition of domestically produced gold”.
Mozambique’s gold reserves held by the Bank of Mozambique increased in value by 65% in 2025, to 35,034.9 million meticais (€467 million), compared with 21,210.8 million meticais (€283 million) recorded in 2024, according to the central bank’s financial statements previously compiled by Lusa.
This increase in value mainly reflected the rise in international prices for the precious metal, at a time when the physical stock of gold remained relatively stable.
The strategy to strengthen reserves also coincides with plans to increase the country’s gold-processing capacity. In March, the Government announced that investors from the United Arab Emirates had expressed interest in establishing Mozambique’s first domestic gold refinery, using modern technology and international certification standards.
The central bank’s intention also comes amid strong expectations of a recovery in gold production.
According to the proposed Economic and Social Plan and State Budget (PESOE) for 2027, Mozambique expects to produce 1,809.2 kilograms of gold next year, an increase of 44% compared with the 1,255.4 kilograms estimated for 2026.
“In the metallic minerals sector, gold stands out, with production potentially increasing by around 44%,” the document states.
If achieved, this would be the highest national production figure on record, surpassing the previous peak of 1,666.4 kilograms reached in 2023.
Official data indicate that gold production rose from 764.4 kilograms in 2021 to 1,263.8 kilograms in 2022 and 1,666.4 kilograms in 2023, before falling to 1,625.8 kilograms in 2024 and 1,349.3 kilograms in 2025.
At current international prices, the 1,809.2 kilograms forecast for 2027 represent a gross value of more than US$230 million (€200 million), although the actual value will depend on movements in international prices and marketing conditions.
The projected recovery follows two years marked by difficulties in the sector.
In 2025, production fell by 17%, to 1.349 tonnes, reaching only 82% of the annual target, mainly due to the suspension of mining activities in Manica, one of the country’s main gold-producing regions.
According to the 2025 budget execution report, the decline occurred amid increased oversight of mining activities, following the creation of a multisectoral commission tasked with combating illegal mining, monitoring degraded areas and promoting local gold refining before export.
In the first half of 2026, production fell by 12%, to 713.33 kilograms, representing only 36% of the annual target of 1,723.24 kilograms.
The Ministry of Mineral Resources and Energy attributed this result to the suspension of mining companies’ operations in Niassa to regularise their licences and to the suspension of mining activity in Manica.
