Malawi has earned over K300 billion from gold sales since January this year, with the proceeds helping to support the importation of critical commodities.
The gold is purchased locally through the Export Development Fund, and later sold, generating foreign exchange for the country.
Speaking to MIJ Online, Boston Maliketi Banda, spokesperson for the Reserve Bank of Malawi, said the proceeds are helping to address challenges in importing critical commodities such as fuel, medicines and fertilizer.
Meanwhile, Blessings Nkhonjera, an economic expert has said the gold earnings are a positive development for the country’s economy saying it will improve foreign currency supply, strengthen the Kwacha and help reduce the current account deficit.
Nkhonjera has since called for increased investment in the mining sector and urged Malawians with gold to use proper channels such as the Fund when selling the mineral.