A Financial Analyst has observed that despite government having revealed how much gold the country mines, it has not revealed how much of the commodity Zambia has in reserves.
Speaking in an interview with Money FM News, Muyumba Mutwale said that due to many uncertainties surrounding the global economy, gold is in high demand as it provides a great store of value for which the country needs to not just export but own.
“There are a lot of uncertainties in the global economy at the moment and gold is the only store of value that economies are looking to,” He said.
Mr. Mutwale added that Zambia currently has no central database of how much gold the country actually owns which is very dangerous because the entire world is under a lot of financial insecurity as even the strongest currencies are struggling and opting for gold instead of actual money.
“We currently do not have a central data base of how much gold, we actually have,” Mr. Mutwale.
Gold is selling at $1,741.91 per ounce on the international market, a gain of 0.09 percent.