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Kenya's Central Bank is actively considering increasing its gold reserves as part of a broader strategy to diversify its financial assets and reduce reliance on the US dollar.
As of early 2025, Kenya holds approximately 0.02 tonnes (20 kilograms) of gold in its official reserves, according to the latest report by the World Gold Council.
This modest amount, valued at approximately Sh169 million (about $1.3 million), has remained unchanged since 2000.
While this may seem minimal in comparison to other African nations, Kenya is making moves to strengthen its position in the global economic landscape.
For comparison, South Africa, Africa’s largest economy, holds over 125 tonnes of gold, while Algeria has around 174 tonnes in its reserves.
Kenya's gold reserves are minuscule in comparison, but this could change soon as the Central Bank explores opportunities to increase its holdings.
Diversification Away from the Dollar
In light of global economic volatility and a rising trend of de-dollarisation, the Central Bank of Kenya, under Governor Kamau Thugge, is evaluating the feasibility of boosting its gold reserves.
Governor Thugge has confirmed that a dedicated team is assessing how Kenya can benefit from a stronger gold reserve portfolio, though there is no set timeline for when this initiative might materialise.
“We have basically a group that is looking at the feasibility of doing it. And yes, it's something that we are actively considering,” he said during an interview in the U.S. in April,
The move is being seen as part of a broader strategy to reduce Kenya’s reliance on the U.S. dollar and protect its economy from currency fluctuations, global inflation pressures, and the unpredictability of the global market.
Kenya's Central Bank is actively considering increasing its gold reserves as part of a broader strategy to diversify its financial assets and reduce reliance on the US dollar.
As of early 2025, Kenya holds approximately 0.02 tonnes (20 kilograms) of gold in its official reserves, according to the latest report by the World Gold Council.
This modest amount, valued at approximately Sh169 million (about $1.3 million), has remained unchanged since 2000.
While this may seem minimal in comparison to other African nations, Kenya is making moves to strengthen its position in the global economic landscape.
For comparison, South Africa, Africa’s largest economy, holds over 125 tonnes of gold, while Algeria has around 174 tonnes in its reserves.
Kenya's gold reserves are minuscule in comparison, but this could change soon as the Central Bank explores opportunities to increase its holdings.
Diversification Away from the Dollar
In light of global economic volatility and a rising trend of de-dollarisation, the Central Bank of Kenya, under Governor Kamau Thugge, is evaluating the feasibility of boosting its gold reserves.
Governor Thugge has confirmed that a dedicated team is assessing how Kenya can benefit from a stronger gold reserve portfolio, though there is no set timeline for when this initiative might materialise.
“We have basically a group that is looking at the feasibility of doing it. And yes, it's something that we are actively considering,” he said during an interview in the U.S. in April,
The move is being seen as part of a broader strategy to reduce Kenya’s reliance on the U.S. dollar and protect its economy from currency fluctuations, global inflation pressures, and the unpredictability of the global market.