Ruto Taps CBK as First Point of Sale for Locally Mined Gold

Kenya's government is planning to overhaul its gold trade, putting the Central Bank of Kenya (CBK) at the center. President William Ruto announced plans to require gold mined in Kenya to undergo local processing before export, with the CBK as the first point of sale.

The goal is to establish transparent prices, protect miners from middlemen, and potentially strengthen foreign exchange reserves. The proposed system would give the CBK priority in purchasing locally mined and processed gold, making it easier to determine fair prices.

Ruto said that by processing gold locally, Kenya can retain more value from its mineral resources, reducing exploitation of miners. He also mentioned developing refining capacity to support the new policy, with three refineries already operational in Kakamega and Nairobi.