Guinea bans exports of raw gold to boost local refining
Key takeaways
- The policy - effective immediately - comes after Guinea's President Mamadi Doumbouya met industrial and artisanal gold producers and buyers, and aims to boost the economy and create more jobs.
- "Guinea will now require its gold to be processed within its own borders.
- Guinea is Africa's sixth largest gold producer, according to the World Gold Council.
Why this matters: an international story with cross-border implications worth tracking.
Thomas Naadi,BBC Africaand Hafsa Khalil Bloomberg via Getty Images Guinea's president wants to boost the economy by exporting refined gold Guinea has banned the export of unrefined gold in an effort to promote domestic processing of the precious metal.
The policy - effective immediately - comes after Guinea's President Mamadi Doumbouya met industrial and artisanal gold producers and buyers, and aims to boost the economy and create more jobs.
"Guinea will now require its gold to be processed within its own borders. Raw gold will no longer leave Guinea," he said, adding that other countries have been reaping the economic benefits of processing and trading their raw materials.