Guinea bans exports of raw gold to boost local refining

Guinea banned the export of raw gold on March 12, 2024, aiming to stimulate its domestic economy through local refining processes. The government's decision, announced by the Ministry of Mines and Geology, seeks to capture more value from the nation's significant gold reserves, estimated to be substantial, though specific production figures for 2023 were not immediately available. This move is part of a broader strategy to develop Guinea's mining sector beyond raw material extraction and create more employment opportunities within the country. The ban applies to all raw gold, regardless of its origin within Guinea, and is intended to encourage investment in refining infrastructure and expertise. Officials stated that the policy change would also enhance transparency in the gold supply chain and combat illegal mining and smuggling operations that have historically deprived the state of revenue. The government plans to work with international partners and local businesses to establish and upgrade refining facilities, ensuring that a larger portion of the gold's economic benefit remains within Guinea.