The government of Guinea has imposed an immediate ban on the export of unprocessed gold in a move designed to secure supply chains for a newly commissioned British-linked refinery. The decree, announced by the Ministry of Mines and Geology late on Tuesday, prohibits the shipment of raw gold from the West African nation effective immediately. It targets a market long dominated by informal traders and small-scale miners, whose output often bypasses official channels.
The ban is expected to redirect the flow of gold to the recently opened Guinea Gold Refinery, a facility backed by London-based investors and built with technical support from the UK. The refinery, which began operations in January, has a capacity to process up to 12 tonnes of gold per year. Officials in Conakry say the measure is intended to increase state revenues, curb smuggling, and add value locally.
Industry analysts note that the ban also aligns Guinea with a broader trend across Africa, where resource-rich countries are seeking to capture more of the supply chain. The move is likely to disrupt the activities of major gold traders in the region, including those operating from Dubai and Switzerland. The British High Commission in Conakry welcomed the decision, calling it a step towards responsible sourcing.
However, the ban has drawn criticism from artisanal miners, who argue that it will push their operations further into the black market. Guinea’s gold exports have been a significant source of foreign exchange, but corruption and illicit flows have long plagued the sector. The government has promised to ensure a fair price for miners while imposing stricter oversight.
Compliance with international standards is seen as crucial to maintaining access to London’s prestigious gold market, the London Bullion Market Association (LBMA). The LBMA operates a certification scheme that requires members to source gold responsibly. The refinery’s British backers have committed to meeting these standards.
Analysts caution that the success of the ban will depend on enforcement capability and the provision of accessible refining services to the hundreds of thousands of small-scale miners. Without effective alternatives, the risk of smuggling remains high. The United Nations Conference on Trade and Development estimates that up to 20% of Guinea’s artisanal gold production is illegally exported annually.
The decree includes provisions for licensed traders to continue exports under temporary permits, but these are expected to be phased out within six months. The government has also announced plans to establish gold buying centres in mining regions to provide liquidity. This is not the first time Guinea has attempted to control its gold resources.
A similar ban in 2017 was largely ignored due to weak enforcement. The difference this time, officials say, is the presence of a viable domestic refining option. The move has implications for the global gold trade.
Guinea is Africa’s third-largest gold producer after Ghana and South Africa, with an output estimated at 50 tonnes per year. If successful, the policy could inspire other producing countries to follow suit. The cost to consumers is expected to be minimal, as refined gold from Guinea will remain competitive on the London market.
The announcement comes amid growing geopolitical competition for access to critical mineral supply chains. Western governments have been encouraging African nations to process raw materials locally, reducing reliance on Chinese and Middle Eastern refineries. The British-linked refinery in Conakry is part of a wider strategy to secure supply chains for jewellery and electronics manufacturing.
The ban will be reviewed after one year, based on an assessment of its impact on revenue and investment.