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Guinea has banned the export of raw gold to increase domestic processing of the valuable natural resource.
President Mamadi Doumbouya announced the ban, saying, “The people of Guinea deserve to see their wealth contribute to their development.”
The move is part of efforts to strengthen control over the mining sector and boost government revenue by increasing the value gained from gold production.
Doumbouya also said the country’s first gold refinery will be launched soon.
The Nimba Gold Refinery, located near Conakry, is almost completed and is expected to process about 250 tonnes of gold per year.
Foreign companies operating in Guinea have been warned that they could lose their licences if they break the rules.
However, most of the country’s gold is mined by small-scale local miners, which makes it difficult for authorities to control.
Tanzania and Uganda already have similar bans in place, while Ghana has said it plans to stop exporting raw gold by 2030.
