The Reserve Bank of Malawi has said it would be paying gold miners instantly through the newly introduced gold market, which would create employment opportunities for some Malawians.
These instant payments will be credited through the Export Development Fund in partnership with key government ministries, departments and agencies.
The initiative comes against the background of reports of illegal buying of the mineral where small-scale miners are exploited.
In an e-mailed response to a questionnaire, RBM spokesperson Onelie Nkuna said the gold trading process would be smooth.
“There will be no challenges for the miner to be looking for the market,” she said.
Nkuna said the move would see creation of vast job opportunities for Malawians.
Notably, players have faced challenges such as lack of finance and lack of a formal and competitive market.
Speaking in an interview, Natural Resources Justice Network in Malawi Chairperson Cossam Munthali commended the central bank for the initiative.
“We need the artisanal and small-scale miners to be empowered and ensure that they are not being taken advantage,” he said.
The central bank announced last week that it would start buying gold, a move that would provide a market for small-scale and industrial mining ventures.