BUSINESS
GUINEA – Authorities demand repatriation of mining revenues
Moussa Magassouba, Minister of Mines and Geology of Guinea, asked mining companies operating in Guinea to repatriate 50% of export earnings. It is a requirement of the mining code in these articles 184 and 185 that mining companies repatriate their revenues in order to boost the country’s economy. This measure came into effect on September 1, 2023.
In RFI’s «news calls» broadcast on Wednesday, September 6, 2023, Karamo Kaba, governor of the BCRG (Central Bank of the Republic of Guinea) expressed the reason for this decision. He recalled that the government has requested that at least 50% of revenues be repatriated while the law provides 100%. And that this is nothing new, it is only law enforcement.
“The land leaves Guinea and will never return. When it has to come back, it comes back in the form of aluminum, steel, in short as a finished product. Today, there is no fixed price for bauxite. The average price is $25 a tonne. That’s already a lot. You have to understand that it corresponds to 25 cans of Coca Cola. So if we continue like this, we will perpetuate the curse of natural resources. Hence Colonel Mamadi Doumbouya’s desire to ask exporting companies to repatriate only a portion of their export earnings in order to diversify our economy,” said the Governor of the BCRG.
Kaba said the Guinean economy is not just mining, “even though Guinea is referred to as a mining giant. It is true that Guinea has bauxite, gold and iron, but it must be borne in mind that Guinea has enormous agricultural potential.”
He recalled that in 1957, Guinea was considered as the breadbasket of West Africa. How will the repatriation of revenue? Karmo Kaba replies that any mining company by extension, “any exporting company will be obliged to make export declarations at the level of the competent services the DDE (Descriptive Export Declaration), DDI (Descriptive Import Declaration and the Single Window of Foreign Trade”.
Then these companies will have a period of 90 days to repatriate the value of at least 50% of the currency of the products exported via their bank accounts. «The primary banks that are the supervision of the Central Bank of the Republic of Guinea must ensure the effectiveness of these repatriations in foreign currency and especially inform the BCRG via a reporting system».
Creation of a recovery commission
He adds: “At the BCRG level, we have set up a recovery commission to repatriate. We’re going to take a penalty from anyone who hasn’t done their job and is free to pass it on to the customer if they want to.”
The governor of the BCRG explained that the importance of this repatriation of currencies is that it will allow macroeconomic stability. To the extent that the repatriated currencies will help to stabilize the balance of payments and by extension the national currency thus helping to maintain macroeconomic stability and to ward off the financial crisis.
“The goal is to reduce poverty because we have a high poverty rate while we have mines and full potential. By allowing a better diversification of the economy, these import revenues will stimulate job creation in the tourism sector, in agriculture,” added Mr Kaba.
This should improve the standard of living of the population and finally having a lot of currencies in the central bank will help the appreciation of the Guinean franc. «This will be a kind of anti-inflation shield for the Guinean population, which will be good for purchasing power», concluded the governor of the central bank. Recall that mining production represents 90% of Guinea’s export.
The presidency of Togo has announced that the project to exploit the manganese mine of Nayega, located in the Savanes region in the north of the country, is entering its operational phase. According to a statement issued on June 10, 2025, production is scheduled to start at the end of June 2025, with an initial volume of 4,000 tons per month, which should gradually double to reach 8,000 tons per month.
Keras Resources is the technical partner retained by the Togolese government to carry out this project. A statement from Keras, relayed by the presidency, details that the company signed a cooperation agreement in 2023 with the Togolese state, owner of the mine through the Togolese Manganese Company (STM). Under the terms of this agreement, Keras will receive a remuneration of 1.5% of the mine’s gross revenue for three years for its advisory services, as well as 6% for brokering services.
The reserves of the Nayega mine are estimated at 8.5 million tonnes, which would allow exploitation over a period of 11 years. The authorities of Lomé welcome the expected contribution of the mine to the national budget, a benefit that should be strengthened by the rigorous management of the generated revenues, as indicated by our colleagues from Agence Afrique.
With a growing global demand for manganese, particularly in steel alloys and renewable energy technologies, Togo is seeking to assert itself as an essential supplier of this strategic ore. This positioning could play a catalytic role for the national economy, always according to information from the Africa Agency.
Source: senego / Photo credit: Republicoftogo.com
The Gabonese government decided on Friday to ban the import of broilers in order to promote national poultry production and ensure food security, according to the final communiqué of the council of ministers chaired by the head of state, Brice Clotaire Oligui Nguema.
The ban will be effective from 1 January 2027, thus leaving a period of 18 months (1 year and 6 months) for actors in the sector to structure themselves, invest and prepare to meet national demand.
“This measure aims to restore domestic poultry production, boost agricultural investment, reduce food dependency and strengthen the trade balance,” the government hopes. Gabon also hopes to foster “the emergence of a network of rural jobs, the rise in quality of products consumed locally and the creation of an economic ecosystem around this sector”.
The government has also planned a detailed operational plan to be presented within 45 days by the ministers responsible for economy and trade.
Libreville dreams of reducing its dependence on poultry imports and strengthening the country’s food security. In addition, the promotion of local poultry farming should have a positive impact on rural areas, generating jobs and contributing to the development of a vibrant poultry ecosystem.
Imported frozen chicken is the most consumed food in Gabon because of its low price and packaging ready to be thrown into a pot.
“The star of the freezer” is how Gabonese people refer to frozen chicken because it is often the only food, if not the default food, found in the freezers of Gabonese families.
Frozen chicken and meat are generally imported from Latin America and Europe. Their massive presence on the market has destroyed local production.
The Council of Ministers also announced a ban on exporting crude manganese from 1 January 2029. The objective is to promote local industrial development, create jobs and maximize the value of this resource, of which Gabon is the world’s second largest producer.
Sources: gabonactu.com
Mauritania is in the spotlight. On Thursday, May 29, 2025, Sidi Ould Tah was elected president of the African Development Bank (AfDB), at the annual meeting of the institution held in Abidjan. He succeeds Akinwumi Adesina of Nigeria, in office since 2015.
His election came after a hard-fought duel against Samuel Munzele Maimbo of Zambia, who finished in second place. The election, which was marked by major geopolitical and economic issues, took place against a background of high expectations regarding governance and development financing on the continent.
The Senegalese Amadou Hott, long perceived as one of the favorites, finishes in third place, followed by the South African Bajabulile Swazi Tshabalala. Despite significant diplomatic support, notably for Hott, the momentum in favour of Sidi Ould Tah has prevailed in the last few rounds.
Former minister and general manager of the Arab Bank for Economic Development in Africa (BADEA), Sidi Ould Tah is recognized for his experience and strategic vision. He will officially take office on 1 September 2025.
Photo credit: Forbes Africa
