Exclusive: Ghana's John Mahama on his planned presidential comeback
Exclusive: Ghana's John Mahama on his planned presidential comeback
Exclusive: Ghana's John Mahama on his planned presidential comeback
Exclusive: Ghana's John Mahama on his planned presidential comeback
Exclusive: Ghana's John Mahama on his planned presidential comeback
Exclusive: Ghana's John Mahama on his planned presidential comeback
Madagascar has begun efforts to revive its gold production sector to invest in exportation. The country plans to export 15 tonnes of gold annually, worth US $900 million in foreign exchange.
This follows a suspension of gold export in 2020 to clean up the sector, limit smuggling and the lack of repatriation of currencies obtained from the export of gold.
The country reported an annual loss of up to 7 tons of gold recording 2,423 kilos of gold exported in 2019 and 1,778.83 kilos in 2020, according to an official Extractive Industries Transparency Initiative (EITI) report.
According to the government, only 3,051 kilos of gold were legally exported a year before, with 12 to 15 tonnes smuggled according to an investigation carried out in Dubai, Madagascar’s main gold recipient.
This led to a loss of an estimated $945 million for the country.
In 2020, disparities between official data and real data on gold exports led to the suspension of exports. While world statistics showed 20 tonnes of gold exported, only 2 tonnes of gold were declared on Malagasy territory. 938 kg of gold was also officially declared exported while statistics from recipient countries indicated 2 to 3 tonnes of gold imports yearly from Madagascar.
The suspension was lifted in 2022, accompanied by a series of measures aimed at better regulation and clean-up of the sector by tracing the production process from extraction to exportation.
According to Madagascar Tribune, the government has also announced a project to build a gold refinery plant.
