The Bank of Namibia (“BON”) is pleased to announce the signing of a gold purchase agreement with QKR Namibia Navachab, marking a significant milestone in the Bank’s ongoing efforts to strengthen its reserve management framework. The agreement provides for the structured purchase of domestically produced gold, in line with international reserve management standards and the Bank’s long-term strategic objectives.

This development forms part of the Bank’s broader gold acquisition programme, which aims to strengthen the composition of reserve assets, enhance financial resilience, and support the country’s capacity 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 will implement the gold acquisition programme on a phased basis, supported by established governance structures, risk management processes, and operational safeguards. 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.