EDITORIAL: Fund Epangelo better to build gold reserves

Sometimes, it's not about having more than enough but about knowing what you can do with the little you have. Finance minister Ericah Shafudah says Namibia has no gold reserves because it does not have enough of the precious metal.She says there is cash and comfort from money markets. Although Namibia is not among the top 10 gold-producing countries globally, it is a significant gold producer in Africa. B2Gold produced an estimated 198 000 ounces, while Navachab recorded a historical output of about 130 000 ounces in 2024.With proper planning and agreement, these figures cannot be said to be anywhere near 'not more than enough'. The real issue, which Shafudah may not be comfortable discussing, is that government has not sufficiently funded Epangelo Mining to acquire a meaningful share in gold mines. If Epangelo is not carried, as it is in Wia Gold's Kokoseb Gold Project, it would have to buy, just as it did in 2014 when it borrowed money for the 7.5% shares in QKR Namibia Navachab Gold Mine. Even that 7.5% does not give the government any say – not even the right to ask for its share to be refined and kept as reserves.Shafudah noted that a study has been conducted by the Bank of Namibia. This is well enough, but it is only a study. What matters now is to empower Epangelo Mining and ensure that government acquires shares. Just last week, African Leadership magazine reported that African central banks are turning to gold as a measure of stability. The publication said gold accumulation serves three purposes: safety, liquidity and long-term value retention. Notably, Mauritius has so far accumulated 12.42 tonnes, Tunisia 6.84 tonnes and Kenya 0.02 tonnes. Namibia can start somewhere - it's all about willingness.

EDITORIAL: Fund Epangelo better to build gold reserves

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Namibian Sun 2025-06-27

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EDITORIAL: Fund Epangelo better to build gold reserves

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Namibian Sun 2025-06-27

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