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Namibia in the process of building its initial Gold reserves

Namibia wants gold, and it’s launched a program to get it.

While many countries are expanding their gold reserves, the South West African nation is in the process of building its own gold holdings for the first time.

Last March (March 24, 2026), the Bank of Namibia launched a program to build gold reserves through a domestic purchase program, inking a deal with QKR Namibia Navachab.

The central bank will reportedly accumulate gold on a “phased basis” from local production using Namibian dollars.

According to a statement released at the time, the agreement creates a process for the “structured purchase” of domestically produced gold, “in line with international reserve management standards and the Bank’s long-term strategic objectives.”

Bank of Namibia Governor Ebson Uanguta said establishing a gold reserve aligns with several central bank objectives of safeguarding macroeconomic stability and promoting national economic interests.

“This agreement represents an important step in advancing the Bank’s reserve diversification strategy. 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.”

According to a report by Namibian Mining News, the gold accumulation plan is “currently in full swing” and represents “a strategic hedge for long-term national stability.”

The goal in phase one is to establish gold holdings making up 3 percent of the country’s international reserves, roughly N$1.74 billion. As of July, the country had accumulated 8,574 troy ounces of gold valued at N$573.4 million.

To reach the 3 percent goal, the Namibian central bank will need to purchase another 17,147 ounces of gold, assuming no significant price change. That’s just over one-half of a tonne. Completing phase 1 will create a gold reserve of around 25,721 ounces (0.8 tonnes).

Bank of Namibia Deputy Governor Nicholas Mukasa said that once the central bank completes phase 1, the central bank will reevaluate and determine the next steps forward.

“We want to, first of all, focus on phase one and then, in the first quarter of next year, we can sit as an institution and decide and say, look, fine, we are now at the 3 percent target that we wanted for phase one. What do we do now in phase two?”

While we’re not talking about large amounts of gold, the move is another sign pointing toward gold’s growing importance in global finance.

Year to date, central banks have accumulated an additional 130 tonnes of gold, about 30 tonnes less than through the same period last year. The primary difference between 2025 and 2026 is that there has been more selling this year.

Last year was the fourth-largest expansion of central bank gold reserves on record. The all-time high was set in 2022 with 1,136 tonnes. It was the highest level of net purchases on record, dating back to 1950, including since the suspension of dollar convertibility into gold in 1971.

The fact that small countries that have not historically held gold are now systematically building reserves reveals that gold fever is spreading.


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Author

Mike Maharrey

Mike Maharrey

Money Metals Exchange

Mike Maharrey is a journalist and market analyst for MoneyMetals.com with over a decade of experience in precious metals. He holds a BS in accounting from the University of Kentucky and a BA in journalism from the University of South Florida.

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