Africa: Zimbabwe Gold Rally Brings Riches to Rural Artisanal Miners

Gold Market Overview in Africa - Informal gold miners contribute approximately 60% of Zimbabwe's total gold output, a consistent ratio across the African continent [1] - Ghana projects earnings of approximately $12 billion from small-scale miners' output by the end of next year [2] - Central banks across Africa, including Ethiopia and Uganda, are increasing their gold reserves [2][3] Central Bank Strategies and Currency Impact - Goldman Sachs forecasts gold prices at $3,700 per ounce [4] - African central banks are following the trend of increasing gold reserves, similar to emerging markets like China, Poland, and India [5] - Kenya's central bank indicated intentions to add gold to its reserves, and Namibia is also considering this strategy [6] - Zimbabwe has introduced a gold-backed currency and is actively buying gold to strengthen its reserves [6][7] - Ghana's gold reserves have slightly exceeded 31 tons, contributing to the appreciation of the Ghanaian Cedi (CDs) by approximately 43% against the dollar [7][8]