Ruto Sets Sights on Gold Trade Overhaul in Kenya

Kenya's President William Ruto has announced plans to overhaul the country's gold trade by putting the Central Bank of Kenya (CBK) at its center. The move aims to prevent the export of unprocessed gold and retain more value from Kenya's mineral resources.

The proposed system requires gold mined in Kenya to be processed locally before it can be exported, with the CBK serving as the first point of sale. Ruto argues that this approach will help establish transparent prices, protect miners from middlemen, and potentially strengthen the country's foreign exchange reserves.

The government is already working with the central bank to establish a system for processing gold locally before selling it through approved channels. The CBK will become a major player in the gold market, buying gold from miners and holding it as part of Kenya's official reserve assets.

For artisanal and small-scale miners, the new system could bring more transparency and fairness to their dealings with middlemen and brokers.