On 20 June 2026, Mamadi Doumbouya declared that “raw gold will no longer leave Guinea”, banning exports of non‑refined gold and imposing local refining in Conakry to capture more value added and support the country’s industrialisation drive.

On 20 June 2026, the president of the Republic of Guinea, Mamadi Doumbouya, announced to the heads of gold‑mining companies the definitive ban on exports of raw gold and the obligation to refine all national production on Guinean soil before any shipment abroad.During this high‑level meeting in Conakry, the head of state presented the measure as irreversible and non‑negotiable, marking a turning point for Guinea’s gold industry.

In front of mining operators, Mamadi Doumbouya recalled the paradox of a country rich in resources but ranked among the poorest, denouncing a model in which gold leaves “in raw form” to be processed and valorised abroad, while Guinea receives only “crumbs” through royalties calculated before the metal reaches its full value. He framed the new ban as a sovereign economic choice designed to capture value added locally, create industrial jobs and anchor the country’s industrialisation.

“The export of raw gold will be formally and definitively banned… Any operator that continues to export raw gold will see its licence suspended and its mining convention terminated.” — Mamadi Doumbouya, president of the Republic of Guinea, Afrique sur 7

A ban underpinned by domestic refining capacity

To make the policy shift credible, the president highlighted the imminent commissioning of a refining facility in Guinea, presented as a modern refinery intended to melt, certify and valorise Guinean gold before export. He stressed to operators that the processing infrastructure is ready and that the ban on exports of raw gold is to be applied immediately, with no negotiated transition period.

The head of state underlined that mining companies persisting in exporting unrefined gold will face severe sanctions, including the suspension of their licences and the challenge of their mining conventions, with judicial proceedings against offenders. This approach is part of a broader strategy, which the presidency links to the Simandou 2040 programme designed to turn mining revenues into a durable lever for industrial transformation.

Why gold is becoming a pillar of Guinea’s industrialisation

The presidency notes that gold is among the most exploited mineral resources in the country and highlights the recent increase in recorded exports, with a significant contribution from Société Aurifère de Guinée and Kouroussa Gold Mine. The same article specifies that the mining sector as a whole, dominated by bauxite and gold, accounts for around 20–25 % of Guinea’s GDP depending on the year, and more than 90 % of total exports, making Guinea one of the most resource‑dependent economies in Africa.

Projections published by rating agency S&P already point to faster Guinean growth over 2026‑2029, driven both by the start‑up of the Simandou iron ore project and by the expansion of mineral processing capacity, in a policy mix where the state seeks to reduce its dependence on exports of raw commodities. This focus on domestic transformation echoes other measures taken in recent years in Guinea’s extractive sector, such as tightening the framework for artisanal gold mining and reorganising mining titles.

In his discussions with mining companies, Mamadi Doumbouya stressed that the objective is not to drive away foreign capital but to rebalance terms: partners are expected to align with a new matrix in which investing in industrial processing units in Guinea becomes the norm. The message, structured around the concept of “irreversible industrialisation”, is also aimed at signalling to markets that the country intends to take a structural step forward in managing its mining rents.

Key watch‑points for investors

The absence of a grace period, the prospect of sanctions up to and including the termination of mining conventions and the central role assigned to local refining now confront gold producers with a need to adjust their value chains and offtake contracts rapidly. In this context, the effective ramp‑up of the announced refinery — and its capacity to absorb and certify significant volumes of Guinean gold to international standards — will be a key indicator for assessing the operational sustainability of the reform.

Rating agencies are already tracking Guinea’s trajectory closely, linking it to the state’s ability to turn the mining boom into inclusive growth while maintaining a clear contractual framework for investors. For lenders and operators across the region, Guinea’s decision to ban exports of raw gold will be watched as a live test of whether reinforced mining sovereignty can be combined with preserving the country’s investment appeal.

Next steps

In the short term, the next milestones will be the operational commissioning of the national refinery highlighted by the president, the issuance of implementing regulations detailing how gold flows will be controlled, and any renegotiation of mining conventions needed to embed the local‑refining obligation. Over the medium term, integrating a transformed gold value chain into the Simandou 2040 programme will have to show up in budget numbers and social indicators, particularly in mining regions that the presidency presents as priority beneficiaries of the new policy.