President William Ruto has banned the export of unprocessed gold and other minerals, requiring all extraction to be refined locally before sale through government-approved channels. The Central Bank of Kenya will serve as the primary buyer of domestically refined gold, aiming to formalize what has been a largely unregulated market and ensure fairer pricing with greater transparency. Kenya currently produces roughly 300 kg of gold per month, with annual unregulated transactions estimated at 36 billion shillings. Three refineries are planned, including the Kakamega facility backed by a 5.8 billion shilling investment, targeting operational status by mid-2027. This measure mirrors approaches already deployed by Ghana and Zimbabwe to maximize national returns from mineral wealth.
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