The Bank of Tanzania says rising global gold prices have helped strengthen the country’s economy despite growing pressure from higher international oil prices.

According to the central bank, strong performance in the gold sector has supported economic stability at a time when many countries are battling inflation linked to the rising cost of fuel and global market uncertainty.

Officials say increased earnings from gold exports have helped cushion Tanzania against some of the economic shocks affecting other economies.

The remarks come as many African countries continue to grapple with the impact of high energy costs and inflation on businesses and households.

–ChannelAfrica–