Bank of Namibia to assess gold reserve target after reaching 3% in 2027

Deputy BoN governor Nicholas Mukasa stated that the central bank will assess its position in the first quarter of 2027 after reaching the initial target, before deciding on a second phase of gold accumulation. The central bank is currently implementing the first phase by purchasing gold monthly from local mines in Namibia dollar, aiming to gradually increase gold holdings to at least 3% of the country’s reserves. As of July 2026, the BoN's international reserve data showed official reserve assets of N$58.04 billion, with gold valued at N$573.4 million, accounting for approximately 0.99% of official reserve assets.

To reach the 3% target, the central bank would need about N$1.17 billion in additional gold holdings, equivalent to roughly 17,147 additional fine troy ounces. Foreign currency reserves remain the largest component of Namibia’s official reserve assets, standing at N$53.74 billion at the end of July. Mukasa emphasized that any decision on the size and scope of a second phase will only be made after the bank has assessed the outcome of the current program and achieved the 3% target.