\n Parts of the conversation the Kenyan government is having with the Bank of England concerning its plans to buy gold include bullion storage.\n <\/p>\n
\n Given the rapid rise in gold prices this year, Kenya has joined the list of countries looking to capitalize on the surge.\n <\/p>\n
\n The East African country has set out to boost its gold reserves as some of its economists see it as more stable than the U.S dollar.\n <\/p>\n
\n As seen in a report by Bloomberg<\/a>, this plan has already been initiated by Zambia and Ghana, with Rwanda and Uganda looking to follow suit.\n <\/p>\n \n \u201cWe\u2019ve talked to the Bank of England and other banks to see how we go about it, where it will be stored, those kinds of things,\u201d Central Bank of Kenya Governor Kamau Thugge said in an interview in Washington.\n <\/p>\n \n \u201cI\u2019m hoping that we can do it as soon as is practical because we\u2019re ready to move.\u201d\n <\/p>\n \n The Central Bank governor went on to note that Kenya\u2019s gold plan \u201cis not an intention to diversify away from dollars per se, but basically to diversify our foreign holdings.\u201d\n <\/p>\n \n Investors’ projections for more interest cuts from the Federal Reserve contributed to gold’s historic run, but the increasing amount of debt in developed nations has also raised concerns.\n <\/p>\n \n Thugge was a little cautious due to the soaring prices, which had risen to almost $4,200 an ounce.\n <\/p>\n \n \u201cThose who got in early have made a killing,\u201d Thugge stated..\n <\/p>\n \n \u201cThose who get in late can also be killed. So it\u2019s important that we hold a level where, should there be a reversal in the price of gold, it doesn\u2019t really have a huge impact on our holdings,\u201d he added.\n <\/p>\n Gold reserves in Africa <\/p>\n \n This is due to the fact that having gold reserves helps many African economies become less dependent on foreign currencies and increase their monetary autonomy.\n <\/p>\n \n In line with global trends observed in China and India, nations such as South Sudan, Zimbabwe, and Nigeria are said to have initiated plans to increase their reserves, to join countries like Algeria and Libya, which have massive gold reserves.\n <\/p>\n \n A report by WGC revealed that about 20 central banks intend to boost their gold holdings this year.\n <\/p>\n \n In Africa, top reserve holders are frequently resource-rich or gold-producing states such as Ghana, Egypt, and Tunisia.\n <\/p>\n \n Kenya manages to squeeze itself into this group, having the continent\u2019s 7th largest gold reserve, at 0.02 tonnes.\n <\/p>\n \n Given the rise in gold prices and an initiative to increase holdings on local resources currently sweeping Africa, Ghana plans to commence local gold refining<\/a> and introduce fire assay operations in October 2025.\n <\/p>\n