Inside Kenya’s plan for gold trade as Ruto gives CBK key role

Kenya is set to implement a major transformation in its gold trade, with President William Ruto announcing plans to place the Central Bank of Kenya (CBK) at the forefront of the market. The government aims to prevent the export of unprocessed gold and boost value from the country's mineral resources by requiring gold mined in Kenya to undergo local processing before export.

The CBK will serve as the first point of sale for domestically produced gold, ensuring transparent prices and shielding miners from middlemen. President Ruto emphasized that the initiative would enhance Kenya's foreign exchange reserves while providing a formal market for locally mined gold. This policy, which extends beyond gold to resources like coltan and rare earth minerals, also seeks to retain more value from minerals before they leave the country.