Setting up in South Africa, the home of Rand Refinery, the only gold refinery in Africa, took a process. It is in South Africa where he has memories of handling this precious metal. The man, a key brainchild behind ETFs in Africa, says that setting up in South Africa required approvals from South African Reserve Bank. Assuming an exchange rate of $2,000 per ounce, Mgwaba was supposed to move gold worth $2.88 billion (about Sh300 billion). In London, we also had to find a way to move it in a crowd from the airport to vault,” explains Mgwaba.

Source: Standard Digital April 11, 2017 05:16 UTC