Senegal’s President Bassirou Diomaye Faye has ordered the establishment of a National Gold Trading Centre to strengthen state control over the country’s gold sector.
Speaking on Wednesday, Mr Faye described the move as a “sovereign imperative” amid growing concerns over illicit gold exports that have cost the country billions.
“We must assert greater oversight of our gold resources to protect national interests and ensure the wealth of our mining sector benefits all Senegalese,” he said.
A 2024 report by Swiss NGO SWISSAID estimated that between 2013 and 2022, 36 to 41 tonnes of gold were illegally exported from Senegal, depriving the country of US$2.38 billion to US$2.71 billion over the decade. The organisation said most of the smuggling involved artisanal and small-scale mining.
In addition to the trading centre, Mr Faye announced a wide-ranging reform of the mining sector to enhance transparency and governance.
“We are committed to overhauling our mining framework. The government will finalise a new Mining Code before the end of the year and restructure public mining companies to ensure efficiency and accountability,” he added.
Gold is Senegal’s largest mining export, with shipments valued at US$244 billion in the first half of 2024, representing almost 30% of the country’s total extractive sector exports.
The new measures are seen as an effort to combat illegal activity, maximise revenue, and secure Senegal’s long-term economic interests in the gold sector.
Curbing gold smuggling could save US$2bn annually, says GoldBod
