Guinean President Mamadi Doumbouya has announced a ban on raw gold exports, aiming to promote the development of domestic gold processing industries and boost the national economy.

Doumbouya announced the ban at a meeting attended by large-scale gold mining companies, artisanal gold miners, and gold purchasing firms operating in the West African country. His speech was broadcast by Guinea’s national radio and television after the meeting. “Guinea ranks second in West Africa in gold reserves, but the gold mined domestically flows out of the country in raw form every day, and is processed, assayed, and sold overseas,” Doumbouya said at the meeting.

“Starting today, I will put a complete stop to this situation. Guinea will henceforth require all gold to be processed within the country, and no raw gold shall be allowed to leave Guinea.”

Guinea is the world’s largest bauxite producer and also has abundant gold reserves. Gold mining operators in the country include Guinea Gold Mining Company, a subsidiary of AngloGold Ashanti, two semi-industrial mining enterprises, and hundreds of artisanal mining workshops.

Data from Guinea’s Ministry of Mines and Geology show that in the first quarter of this year, total gold exports from all the above mining entities reached 22,142 kilograms. According to World Gold Council data, Guinea ranks sixth in Africa in gold production.

Doumbouya said that gold must first be sent to a newly built refinery in the capital Conakry for purification and casting into gold bars before it can be exported.

“Gold produced in Guinea must be smelted, assayed, and processed locally before being sold to international markets,” he said. “Any company that continues to export raw gold will have its operating license suspended and its mining cooperation agreement directly terminated.”