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# Guinea Bans Raw Gold Exports to Strengthen Local Refining Industry Guinea has officially stopped the export of unrefined gold as part of a new strategy to strengthen its mining sector and increase economic growth. The government wants more gold to be processed inside the country before it reaches international markets. President Mamadi Doumbouya announced the decision after meeting with industrial and artisanal gold producers, traders, and buyers. The policy took effect immediately and aims to create jobs, increase revenue, and keep more value within Guinea's economy. ## Guinea Focuses on Local Gold Processing President Doumbouya said Guinea can no longer allow other countries to benefit from processing its raw materials. According to him, gold mined in Guinea should be refined locally before export. The government believes local processing will generate more employment opportunities and support industrial development. It also expects the move to increase earnings from the country's gold sector. ## New Refinery Near Completion in Conakry To support the new policy, Guinea is preparing to launch a major gold refinery in the capital city, Conakry. The facility is close to completion and will process gold produced across the country. Reports indicate the refinery can handle up to 250 tonnes of gold annually. This capacity is more than enough to process Guinea's current production levels. Authorities reported that Guinea exported over 22 tonnes of gold during the first quarter of this year. Once the refinery becomes fully operational, that gold will be processed domestically before reaching foreign markets. ## Mining Companies Face Strict Rules The government has warned mining companies and gold traders to follow the new regulations. Officials stated that companies violating the export ban could lose their operating licenses. Authorities may also terminate mining contracts if firms fail to comply with the directive. The government hopes these strict measures will ensure the success of the policy. ## Growing Trend Across Africa Guinea is not the first African country to introduce such reforms. Several nations have already taken steps to increase local processing of minerals and metals. Tanzania and Uganda currently ban the export of unprocessed minerals, including gold and copper. Ghana also plans to prohibit raw gold exports by 2030. Meanwhile, Zimbabwe, Africa's leading lithium producer, will ban lithium concentrate exports from 2027. The country aims to expand its battery materials industry and retain more economic value at home. ## Guinea's Important Role in Global Mining Guinea ranks as Africa's sixth largest gold producer, according to the World Gold Council. The country also holds the position of the world's largest producer of bauxite, the key raw material used to manufacture aluminium. With the new gold export policy, Guinea hopes to strengthen its industrial base, attract investment, and maximize profits from its natural resources. The move marks a significant step in the country's effort to build a stronger and more self-sufficient economy.
Economics

Guinea Bans Raw Gold Exports to Strengthen Local Refining Industry

Guinea has officially stopped the export of unrefined gold as part of a new strategy to strengthen its mining sector and increase economic growth. The government wants more gold to…

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EconomicsTravel

Japan Raises Visa Fees After Nearly 50 Years, Costs Jump Fivefold for Foreign Travelers

Visa fees increase sharply from July 1 Japan has increased visa charges for foreign visitors for the first time since 1978. From July 1, the cost of a single entry…

Bank of England Holds Interest Rates at 3.75% Amid Energy Price Concerns Monetary Policy Remains Unchanged for Fourth Meeting The Bank of England has kept interest rates at 3.75%, marking the fourth consecutive meeting where the Monetary Policy Committee chose not to make any change. Policymakers continue to balance inflation risks with signs of easing price pressures. Energy Prices Keep Inflation Risks Alive Governor Andrew Bailey noted that recent falls in oil prices are a positive sign. However, he warned that earlier spikes in global energy costs, linked to ongoing conflict in the Middle East, are still feeding inflation through the economy. He explained that past increases in energy prices are already building pressure on consumer costs. These effects are expected to continue influencing inflation in the months ahead. Inflation Outlook Shows Slight Improvement The Bank stated that oil prices remain higher than before the conflict and continue to move unpredictably. Even so, inflation forecasts for the end of the year are slightly lower than earlier estimates made in April. Officials stressed that future decisions on interest rates will depend on how long energy price shocks last and how strongly they affect wages and business costs. Focus on Price Stability and 2% Target Bailey added that controlling inflation remains the Bank’s main goal. He emphasized that the institution must prevent temporary energy shocks from turning into long term inflation above the 2% target.
EconomicsNews

Bank of England Holds Interest Rates at 3.75% Amid Energy Price Concerns

Monetary Policy Remains Unchanged for Fourth Meeting The Bank of England has kept interest rates at 3.75%, marking the fourth consecutive meeting where the Monetary Policy Committee chose not to…

Inflation Holds at 2.8% as Food Price Rises Slow in UK Inflation stays unchanged despite earlier forecasts UK inflation stayed at 2.8% in May, according to the Office for National Statistics (ONS). Analysts had expected a rise to around 3%, but prices remained steady instead. Food price growth slowed during the month, helping balance increases in other areas such as transport and fuel. Experts had warned that global tensions, especially the Middle East conflict, could push prices higher. However, the latest peace deal between the US and Iran may reduce some of that pressure in the coming months. Transport costs drive inflation higher Transport prices continued to rise and remained the strongest contributor to inflation. Motor fuel prices were 24.6% higher than a year earlier. Overall transport inflation reached 6.8%, the highest level seen since December 2022. ONS chief economist Grant Fitzner said higher costs came mainly from airfares, vehicle taxes, and fuel prices. Food inflation slows to a 17-month low Food prices rose at a slower pace compared to previous months. Food inflation dropped from 3% in April to 2.2% in May, its lowest level since December 2024. Prices for meat, dairy, and vegetables increased, but at a reduced rate. Beef and veal prices still rose by 9.4% over the year. However, this was lower than the 13.2% rise in April and 18.8% in March, showing a clear slowdown. Retailers and food industry outlook The British Retail Consortium said lower food inflation reflects strong competition among supermarkets. Still, it warned that prices could rise again later in the year. The Food and Drink Federation said retail prices often lag behind production costs. It added that recent global disruptions, including issues around the Strait of Hormuz, have not yet fully affected shop prices. Chief executive Karen Betts explained that farmers, processors, and manufacturers face higher costs first, and these usually reach consumers after several months. Long term contracts for energy and ingredients also delay price changes. Inflation trend context Inflation has moved sharply over recent years. It fell close to zero in late 2020, then surged to 11.1% in October 2022. It later dropped to 1.7% in September 2024 before rising again to 2.8% in May 2026.
Economics

Inflation Holds at 2.8% as Food Price Rises Slow in UK

Inflation stays unchanged despite earlier forecasts UK inflation stayed at 2.8% in May, according to the Office for National Statistics (ONS). Analysts had expected a rise to around 3%, but…

Oil Prices Drop as US Iran Peace Talks Gain Attention
Economics

Oil Prices Drop as US Iran Peace Talks Gain Attention

Global oil prices moved down sharply after signals that a possible US Iran agreement could reduce conflict tensions. Market traders reacted quickly to political comments suggesting progress in negotiations. Brent…

Think Outside the Bots: How AI May Affect Creativity and Critical Thinking
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Standard Chartered chief apologises after AI job remarks spark backlash

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Amazon UK Boss Says Young Unemployment Is a System Issue
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Amazon UK Boss Says Young Unemployment Is a System Issue

Youth unemployment in the United Kingdom has reached a worrying level. Nearly one million young people are not in education, employment, or training. Many businesses say the issue is not…

Cubans grapple with fuel shortages and blackouts as US steps up pressure
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Cuba Faces Fuel Crisis and Power Cuts as US Increases Pressure

The United States has increased political pressure on Cuba following new legal actions linked to past events involving former Cuban leadership. US officials describe Cuba as a national security concern…

The fight against foreign developers buying Caribbean beaches
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Local Fight Over Barbuda Beaches as Foreign Development Expands

Background of the Dispute On the small Caribbean island of Barbuda, a once popular community spot called Pink Sands Beach Bar was part of daily local life for more than…

Thailand cuts visa-free stay period for more than 90 countries including UK
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Thailand Cuts Visa-Free Stay Period for Tourists From 90+ Countries Including UK

Thailand Tightens Tourist Visa Rules Thailand has announced major changes to its visa-free travel policy for visitors from more than 90 countries, including the UK, the US, Australia, India, and…

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