Gabon's raw gold exports have taken a significant hit, falling from 43.9 billion FCFA in 2022 to just 8.5 billion FCFA in 2023, according to data from the Ministry of the Economy. This 80.7% drop is attributed to the commissioning of the country's first gold refinery, the Raffinerie Gabonaise de l'Or (RGO), which was inaugurated on June 2, 2023.
The new refinery, which can process 7 to 10 tonnes of gold per year, was set up to enable Gabon to add value locally to its raw gold. Previously, the country had to export all its gold having no local refinery.
The drop in gold exports suggests that Gabon’s strategy to develop natural resources locally is going well.
However, Société Équatoriale des Mines (SEM) reports that the country’s gold output remains modest, amounting to just 2 tonnes a year, obtained mainly from the processing of alluvial gold.
In the future, Gabon aims to increase its gold production to constitute a strategic gold reserve, consequently boosting its credibility in international markets.
SG
Flutterwave secures Nigerian banking license to offer credit and savings License enables direct d...
BCEAO mandates all financial institutions to complete integration Move aims to ensure seamless, i...
EBID aims to allocate nearly 41% of its commitments to environmentally and socially impactful projec...
This week, Africa’s health outlook is shaped by mounting supply chain risks tied to global tensions,...
West African Development Bank allocates $131.8 million to support cotton sectors in Burkina F...
IMF reaches preliminary deal to disburse $183 million to Madagascar Funding tied to programme reviews, targets infrastructure and...
Afreximbank crossed the $1 billion net profit threshold in 2025 for the first time, a milestone driven by balance-sheet expansion and a maturing...
Kenya avocado output seen rising 4.8% to 727,000 tonnes Growth driven by new orchards, improved farming practices Exports to recover, but...
Zimbabwe plans lithium export quotas, local processing requirements Miners must meet standards, commit to building processing plants Policy...
Sungbo Eredo, located in southwestern Nigeria near the Yoruba town of Ijebu-Ode, stands as one of the most remarkable yet overlooked monuments of...
“Dodji, l’Archet Vodoun” is a documentary about reconnecting with ancestral culture to understand one’s origins, following an initiation ceremony that...