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Malawi Govt out of slumber amid foreign traders invasion on local gold mines maravipost.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from maravipost.com Daily Mail and Mail on Sunday newspapers.
The Reserve Bank of Malawi (RBM) has finally taken cognizance that gold is being mined on a large scale in the country and has now announced that from May, 2021, it is introducing a structured market for gold. Gold market is currently carried out on a black market leading to loss of revenue by government through smuggling and under-pricing on the poor miners. In a statement, RBM says the structured market done in line with Section 28 of the Reserve Bank of Malawi Act (Cap. 44:02) of the Laws of Malawi will go a long way in supporting Artisanal and Small-Scale Miners (ASMs) involved in mining and trading of gold as a way of sustaining livelihood, since ASMs will conveniently access the market. ....