Guinea Has Banned the Export of Raw Gold

Guinea has banned exports of unrefined gold as the West African nation seeks to increase domestic processing and capture more value from its mineral resources, following similar measures by other African countries targeting raw commodity exports.

President General Mamady Doumbouya announced the policy after consultations with industrial and artisanal gold producers, as well as traders, saying gold would now have to be processed inside Guinea before being exported.

“Guinea possesses the second largest gold reserves in West Africa, but its gold leaves the country daily in raw form to be processed, certified, and sold elsewhere,” Doumbouya said during a meeting broadcast by state-owned Radio Télévision Guinéenne.

“From today, I put an end to this practice: Guinea will require its gold to be processed within its borders. Raw gold will no longer leave Guinea,” he added.

Under the new rules, gold can only be exported after being melted into ingots, certified and processed at a newly built facility in the capital, Conakry.

“Guinean gold will be melted, certified, and processed in Guinea before being exported to international markets,” Doumbouya said.

He warned that companies that continue exporting raw gold would face penalties.

“Any operator who continues to export raw gold will have their license suspended and their mining contract terminated,” he said.

Guinea is one of Africa’s largest mineral producers and is the world’s leading supplier of bauxite, the ore used to produce aluminium. The country also holds significant gold reserves, mined by industrial companies, semi-industrial operators and hundreds of artisanal miners.

Gold exports from Guinea totalled 22,142 kilograms in the first quarter of this year, according to data from the Ministry of Mines and Geology.

The move follows a similar decision by Zimbabwe, which earlier this year suspended exports of lithium concentrates as it pushed for greater domestic processing of minerals.

Zimbabwe’s Mines Ministry said the export restrictions were aimed at addressing “continued malpractices during the exportation of minerals” and improving accountability.

“Government remains committed to … in-country value addition and beneficiation, compliance, and accountability in the exportation of Zimbabwe’s mineral resources,” the ministry said.

“This review is part of a broader effort to curb leakages and enhance efficiency within our systems,” it added.

African governments have increasingly sought to retain more economic benefits from their natural resources by encouraging local refining and processing rather than exporting raw materials.

However, beneficiation policies require significant investment in infrastructure, energy supply, technical skills and industrial capacity to succeed.

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