Kenya to ban unprocessed gold exports, plans three new refineries
Kenya will ban exports of unprocessed gold and establish at least three refineries as the East African country moves to retain more value from its mineral resources. The post Kenya to ban unprocessed gold exports, plans three new refineries appeared first on Nairametrics .
Kenya plans to ban the export of unprocessed gold and construct at least three gold refineries in a bid to retain more value from its mineral resources. President William Ruto announced the decision during a press conference in Kisumu, western Kenya, stating that the government will require all mined minerals to be processed domestically before being exported.
This move aligns with the trend observed in other African nations such as Ghana and Zimbabwe, which have implemented similar policies to boost local refining and increase government revenue from natural resources. The Central Bank of Kenya is anticipated to prioritize the purchase of domestic gold, while the government estimates that the country generates approximately 36 million dollars from unregulated gold transactions annually, with nearly 90% originating from artisanal and small-scale miners.
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