Guinea has announced an immediate ban on the export of unrefined gold, a strategic move to strengthen its economy and create more jobs. The policy, introduced after President Mamadi Doumbouya met with industrial and artisanal gold producers and buyers, requires all gold to be processed within the country before export.
New Policy Aims to Boost Domestic Value Addition
President Doumbouya stated, "Guinea will now require its gold to be processed within its own borders. Raw gold will no longer leave Guinea." He emphasized that other countries have long benefited from processing and trading raw materials at Guinea's expense. The policy is designed to ensure that Guinea captures greater value from its gold resources.
According to the World Gold Council, Guinea is Africa's sixth largest gold producer. Gold is one of the country's main exports, with more than 22 tonnes shipped in the first quarter of this year alone. The new policy is expected to redirect this gold to local refineries.
New Refinery in Conakry Nears Completion
According to the BBC, a new gold refinery in the capital Conakry is nearing completion. With a reported annual capacity of 250 tonnes, it is expected to handle Guinea's current production levels and ensure that all gold is processed locally before export. This refinery is central to the government's strategy to add value domestically.
Guinea's decision follows a growing trend across Africa to restrict raw mineral exports and promote local processing. Tanzania and Uganda have already banned the export of unprocessed minerals such as gold and copper. Ghana plans to stop raw gold exports by 2030, and Zimbabwe, Africa's top lithium producer, will ban concentrate exports of the battery metal from 2027. These measures aim to encourage domestic processing, create jobs, and increase revenue from the mining sector.
Foreign Companies Warned of Licence Revocation
Foreign companies operating in Guinea have been warned that they risk losing their licences and having contracts terminated if they fail to comply with the directive. This signals a firm stance by the government to ensure that the benefits of gold production remain within the country. Guinea is also the world's largest producer of bauxite, the ore used to make aluminium, and the broader mining strategy highlights its ambition to maximise value from natural resources.
The policy is part of a wider push by African nations to restrict raw mineral exports and add value locally. Guinea's move is expected to have significant impacts on the global gold supply chain and on foreign mining companies operating in the country.
