Guinea Unveils Plan to Become West Africa's Gold Refining Powerhouse
Guinea has plans to establish itself as the region's gold refining powerhouse, joining a growing race among other West African nations to produce gold domestically and not export it raw. A new $30 million refinery is set to begin its operations as soon as next month.
Guinea is positioning itself to become West Africa's premier gold refining center, as a growing number of regional producers race to produce gold at home instead of shipping it to the Middle East and other overseas destinations.
Mines Minister Bouna Sylla confirmed the ambition, stating that the country has constructed a new refinery capable of handling the production in the region. Described as one of the largest facilities on the African continent, the $30 million site will produce 530 metric tons annually in the beginning, and scaling up to 733 tons when later operating at its full potential. Commercial activity is slated to begin as soon as next month following regulatory clearances.
President Mamady Doumbouya last week imposed an immediate ban on gold exports, a decisive step toward retaining a greater share of value within the country. Sylla noted that Guinea produced approximately 2.32 million ounces of gold in 2026, valued at around $7 billion, and yet the country captures smaller than one percent of that worth.
"It is not just about revenue and jobs," Sylla remarked. "Countries like the UAE do not produce gold but built refining capacity to stimulate broader economic growth." As of today, Guinea's gold production is still largely dominated by and Nordgold and AngloGold Ashanti.
Guinea is not alone in this pursuit. Ghana, alongside Burkina Faso and Mali, are also pushing to develop domestic refining infrastructure. West Africa collectively produced roughly 11 million ounces of gold last year, according to industry estimates.
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