The Reserve Bank of Malawi (RBM) has disclosed that it has spent over MK600 million to buy 15 kilograms of gold within the country.

The Central Bank’s Governor Wilson Banda has told the parliamentary committee on natural resources and climate change in Lilongwe that the 15 kilogram of gold is currently worthy about MK1.6 billon.

He said: “We have bought it for slightly over K600 million but the 15 kilograms we have bought its worthy about roughly $2 million (approximately MK1, 640,000,000) at the moments.”

Speaking to Yoneco FM, RBM spokesperson Ralph Tseka has bemoaned the increasing presence of both illegal miners and buyers as a major challenge that the Central Bank is currently facing.

“Indeed gold mining has been happening illegally, and most of it has been bought by foreigners, specifically Chinese, Mozambicans, Tanzanians and Indians and this has been affecting the market,” said Tseka.

However, the Committee has accused the Bank of buying gold from illegal and unlicensed miners, and it has since asked the responsible Ministry of Mining to fast-track process of licensing such unregistered

“We have noted that the RBM is buying gold from unlicensed miners, I think that’s a very sticky issue as a committee we are very much concerned with that.

“We have recommended to the Ministry of mines that they should fasten up the process of identifying those illegal miners and ensuring that they also become licensed,” said Million.

Meanwhile, the Malawi Revenue Authority through its spokesperson Steve Kapoloma said the tax collector has realised about K96 billion as revenue from the sector from the period of 2018 to 2021.

“The mining companies do pay various types taxes and for the period that we were presenting to the Committee that’s 2018/2019, 2019/2020 and 2020/2021 we have seen that the total collection has been a range between K28 billion to K30 billion in a year,” said Kapoloma.