Senegal’s President Bassirou Diomaye Faye on Wednesday directed the creation of a National Gold Trading Centre as part of a push to tighten state oversight over the country’s gold industry.
Confronted with massive illicit gold exports that have drained billions from the nation’s economy, he described the initiative as a “sovereign imperative.”
A report released last year by the Swiss NGO SWISSAID revealed that between 2013 and 2022, an estimated 36 to 41 tonnes of gold were secretly taken out of Senegal.
According to the study, this illicit activity cost the country between $2.38 and $2.71 billion over ten years, with most of the undeclared gold linked to artisanal and small-scale mining operations.
On Wednesday, Faye also announced a sweeping reform of the mining sector to promote transparency and stronger governance.
He instructed the government to draft a new Mining Code before the year ends and to move forward with restructuring state-owned companies involved in the industry.
Gold remains Senegal’s top mineral resource, with export earnings hitting roughly $244 billion in the first half of 2024, accounting for nearly 30 per cent of the nation’s extractive sector exports.
