The Reserve Bank of Malawi (RBM) says it expects to raise about $78 million (K136.5 billion) from selling 590 kilogrammes of gold. The money will help increase the country's low foreign exchange reserves.
RBM spokesperson Boston Maliketi Banda said the deal is almost complete and could be finalised within a few days. He did not reveal who is buying the gold.
He explained that the gold was bought from local miners through RBM's subsidiary, the Export Development Fund.
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The money from the sale will be used to pay for important imports such as fuel, medicines and fertiliser.
Last week, Minister of Information and Communications Technology Shadric Namalomba said $30 million from the gold sale will go towards fuel imports. This will be supported by another $120 million loan from the Africa Export-Import Bank (Afreximbank) to help stabilise fuel supply in Malawi.
After the sale, RBM will remain with 69 kilogrammes of gold in its reserves. The bank says it will continue buying gold from small-scale miners to rebuild its stock.
The gold-buying programme aims to:
formalise the gold trade
reduce smuggling
increase Malawi's foreign exchange earnings
However, some experts warn that selling gold is only a short-term solution.
Economics Association of Malawi president Bertha Bangara Chikadza said Malawi needs long-term solutions to fix the forex problem. She suggested attracting more foreign investment, improving government policies, and increasing exports.
Malawi Economic Justice Network executive director Bertha Lipipa Phiri agreed, saying Malawi must:
produce more goods locally
reduce reliance on imports
invest in alternative energy to cut fuel costs
Malawi continues to struggle with a large trade gap. In 2025, the country imported goods worth about $3.6 billion, but exported only $936 million, leaving a deficit of $2.67 billion.
Early 2026 figures show a slight improvement, but exports are still low. In February 2026, exports covered only 23 percent of imports.
Tobacco remains Malawi's biggest source of foreign exchange, contributing over 60 percent of export earnings, followed by pulses and tea.
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In simple terms: Malawi is selling gold to quickly raise foreign currency for essential imports. But experts say the country must produce and export more goods to solve the problem permanently.
