Guinea Moves To Become West Africa’s Gold Refining Hub With New Export Ban

Guinea is stepping up efforts to become a leading gold refining hub in West Africa as it seeks to process more of its precious metals locally instead of exporting raw gold abroad.

Mines Minister Bouna Sylla said the country has built one of Africa’s largest gold refineries, with the capacity to process gold from across the region. The initiative is part of a broader strategy to increase the economic value retained within Guinea while reducing reliance on foreign refiners.

The announcement follows President Mamady Doumbouya’s decision to immediately ban the export of raw gold, a move aimed at encouraging domestic refining and strengthening the country’s mining industry.

The new refinery, built at a cost of about $30 million, is expected to begin commercial operations in July after receiving final regulatory approvals. It will initially process around 530 metric tons of gold annually, with capacity set to increase to 733 metric tons once fully operational.

Guinea joins countries such as Ghana, Mali and Burkina Faso in a growing regional drive to expand local refining capacity and capture a greater share of the profits from gold production.

Although Guinea produced an estimated 2.32 million ounces of gold worth around $7 billion last year, officials say the country currently retains less than one percent of that value. The government believes local refining will create jobs, boost revenue and support wider industrial development.

Authorities are also preparing new regulations to encourage domestic refining, formalise artisanal mining and improve gold traceability by 2026 as part of a broader effort to strengthen the country’s mining sector.