Chamwe Kaira
The Bank of Namibia (BoN) has signed a gold purchase agreement with QKR Namibia Navachab as part of efforts to strengthen its reserves.
The agreement allows the central bank to buy gold produced in Namibia under a structured arrangement aligned with international reserve management standards.
The move forms part of the bank’s gold acquisition programme aimed at improving the composition of reserve assets, strengthening financial resilience and supporting the country’s ability to respond to external shocks.
“As a gold-producing nation, this approach also supports the retention of national resources and aligns with the bank’s mandate to safeguard macroeconomic stability and promote national economic interests. Moreover, gold possesses other desirable characteristics that make it suitable for inclusion in a foreign reserve portfolio. These include providing macroeconomic stability during economic shocks, hedging against inflation, and serving as a store of value,” the bank said.
BoN governor Ebson Uanguta said the agreement supports the bank’s strategy to diversify reserves.
“Gold continues to play a critical role as a store of value and a hedge against global uncertainty. By partnering with domestic producers, we are not only strengthening our reserves but also supporting local value creation and economic development,” he said.
Managing director of QKR Namibia Navachab Gold Mine George Botshiwe said the partnership highlights the role of cooperation between the public and private sectors.
“When industry and institutions work together with clear intent, we are able to move beyond extraction and towards meaningful, long-term value creation,’’ he said.
The bank said the programme will be implemented in phases, supported by governance structures and risk management processes.
“The approach ensures that acquisitions are undertaken prudently, with due consideration to market conditions and institutional readiness. The bank remains committed to maintaining a robust and diversified reserve position while upholding transparency and accountability in the execution of its mandate. This initiative represents a further step toward strengthening the country’s financial stability and long-term economic resilience,” it said.
