Guinea bans export of raw gold in bid to boost revenues
Guinea has outlawed the export of raw gold in a bid to increase domestic processing of the valuable natural resource.
Announcing the ban, President Mamadi Doumbouya said “the people of Guinea deserve to see their wealth contribute to their development.”
The move is part of a push to assert control over the mining sector and increase revenue by maximising the value of gold production.
Doumbouya said the country’s first gold refinery is due to be commissioned. The Nimba Gold Refinery is near completion outside the capital Conakry, with a capacity of some 250 tonnes a year.
Foreign companies working in Guinea have been warned they could lose their licence if they violate the directive. But most of the country’s gold is mined by small-scale artisanal miners who are harder to regulate.
Tanzania and Uganda already have a similar ban in place. Ghana says it will ban raw gold exports by 2030.
