Guinea Bans Export of Raw Gold to Strengthen Local Processing and Job Creation

• Guinea has taken a bold step by banning the export of raw gold, a move designed to strengthen its economy and create more jobs
• The new policy requires all gold to be processed within the country, ensuring greater value from one of its most important exports
• With a major refinery nearing completion in Conakry, Guinea is positioning itself to become a stronger player in the global gold market

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Guinea has announced a ban on the export of unrefined gold, a move aimed at strengthening its economy and creating more jobs.

The policy, which takes effect immediately, was introduced after President Mamadi Doumbouya met with industrial and artisanal gold producers and buyers.

"Guinea will now require its gold to be processed within its own borders. Raw gold will no longer leave Guinea," he said, stressing that other countries have long benefited from processing and trading raw materials.

Africa’s sixth largest gold producer

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.

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Accoridng to BBC, a new refinery in Conakry, the capital, is nearing completion. With a reported capacity of 250 tonnes a year, it is expected to handle Guinea’s current production levels and ensure that gold is processed locally before export.

Regional mining policies

Guinea’s decision follows a growing trend across Africa to add value to mineral resources by banning raw exports:

• 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.
• Zimbabwe, Africa’s top lithium producer, will ban concentrate exports of the battery metal from 2027.

These measures are designed to encourage domestic processing, create jobs, and increase revenue from the mining sector.

Impact on foreign companies

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. The country’s broader mining strategy highlights its ambition to maximise value from natural resources and reduce reliance on raw exports.

Equatorial Guinea government resigns

Legit.ng earlier reported that Equatorial Guinea’s government has stepped down after failing to meet its objectives, according to Vice-President Teodoro Nguema Obiang Mangue.

The announcement came after Prime Minister Manuel Osa Nsue Nsua presented the resignation of all ministers, with the vice-president noting that the administration had achieved only about 10% of its targets.

President Teodoro Obiang Nguema Mbasogo, the world’s longest-serving leader since 1979, expressed disappointment with the government’s performance. A statement from the ruling Democratic Party of Equatorial Guinea (PDGE) highlighted corruption, misuse of state resources, and stagnation in development projects as key reasons for the resignation.