Name: Senegals president orders formation of National Gold Trading Centre
Uploaded: 2025-11-19T08:48:14.051Z
Duration: 55 s
Description: Faced with massive illegal gold exports that have drained billions from the national economy, it would assert greater state control over the precious metal.

Faced with massive illegal gold exports that have drained billions from the national economy, it would assert greater state control over the precious metal.

Dakar

Senegal's President Bassirou Dioumaifi has directed the establishment of a national gold trading centre to increase state control over gold exports. This decision follows reports of extensive illegal gold smuggling, which has resulted in billions of dollars in lost revenue for the country.

A recent study indicated that between 2013 and 2022, up to 41 tonnes of gold were illegally exported from Senegal, primarily through artisanal and small-scale mining. In response, President Faye has also called for a comprehensive reform of the mining sector, including drafting a new mining code and restructuring public mining companies.

Senegal's president orders formation of National Gold Trading Centre

Senegalese President Bassirou Dioumaifi has ordered the formation of a national gold trading centre to assert greater state control over the precious metal. Faced with massive illegal gold exports that have drained billions from the national economy, he labelled the move as a sovereign imperative. A study last year by a Swiss NGO showed that between 2013 and 2022, approximately 36 to 41 tonnes of gold were illegally smuggled out of Senegal. This, it said, cost the country an estimated $2.3 to $2.7 billion over the decade with artisanal and small-scale mining as the main source of this undeclared flow. Faye also announced a thorough overhaul of the mining sector in the spirit of transparency and good governance. He asked the government to formulate a new mining code before the end of the year and to proceed with restructuring public companies in the sector.

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