Key facts
- Guinea has banned the export of unrefined gold.
- The ban aims to increase domestic gold processing and boost the national economy.
- President Mamadi Doumbouya announced the policy, stating raw gold will no longer leave the country.
- A new refinery in Conakry is nearing completion to process the nation's gold.
- Foreign companies violating the directive face potential loss of licenses and contract termination.
Guinea's President Mamadi Doumbouya has implemented an immediate ban on the export of unrefined gold, a move designed to stimulate domestic processing and enhance the national economy. The policy aims to ensure that Guinea captures greater value from its gold resources by processing the metal within its borders. President Doumbouya emphasized that other countries have benefited economically from processing raw materials, and Guinea intends to do the same. The country, which is Africa's sixth-largest gold producer, is nearing completion of a new refinery in the capital, Conakry, with a capacity of 250 tonnes per year, expected to handle current production levels. Foreign companies operating in Guinea have been warned that non-compliance with the directive could lead to the termination of their mining contracts and licenses. This policy aligns with similar initiatives by other African nations, such as Tanzania, Uganda, and Ghana, which have banned or plan to ban the export of unprocessed minerals to promote local value addition.