Tanzania’s gold export earnings up 42% in year to November

Tanzania is Africa’s fourth-biggest gold producer.

Tanzania’s earnings from gold exports rose 42% year on year in the year to November, helped by higher prices and volumes shipped, the central bank said on Monday.

Tanzania is Africa’s fourth-biggest gold producer after South Africa, Ghana and Mali and has changed its mining code in a bid to ensure the country earned more from its minerals.

The Bank of Tanzania said in its monthly economic review for December that gold exports rose to $2.14 billion in the year to November from $1.51 billion in the same period in 2018.

“The increase in volume exported is partly associated with government actions to effectively manage mining activities in the country,” the bank said, without giving details on the volume exported.

The bank said total exports rose 12% year-on-year to $9.53 billion in year ending November.

The bank said earnings from tourism, another major foreign exchange earner, rose to $2.52 billion in the year to November from $2.45 billion in the same period a year earlier.

(By Nuzulack Dausen; Editing by George Obulutsa and David Evans)

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