Senegal's president orders formation of National Gold Trading Centre
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Faced with massive illegal gold exports that have drained billions from the national economy, it would assert greater state control over the precious metal.
Breakdown
- President Bassirou Dioumaifi ordered the formation of a national gold trading centre to increase state control over gold.
- The move is in response to massive illegal gold exports that have cost Senegal billions, described as a sovereign imperative. 9s
- A study found that 36 to 41 tonnes of gold were illegally smuggled out of Senegal between 2013 and 2022, costing an estimated $2.3 to $2.7 billion. 17s
- President Faye announced a comprehensive overhaul of the mining sector to promote transparency and good governance. 39s
- The government was directed to draft a new mining code by year-end and restructure public mining companies. 45s