Sudan Opens Gold Market for Private Traders, an Industrial Info Market Brief

Sudan has passed a new regulation that allows private traders to export 70% of their gold, raising revenue by attracting foreign investment. The new policy came into effect to address smuggling and attract foreign currency into the country's treasury and fund government programs. Under the new law, the miners convert the foreign currency into Sudanese pounds and then deposit the proceeds in local banks, which previously, only Sudan's central bank as a sole body could do, which was the reason that an estimated 70-80% of it was smuggled abroad. In 2018, an estimated 93 tons of gold was produced in Sudan, making it Africa's third-largest gold-producing nation. Industrial Info is tracking five capital projects for gold mines worth $878 million in Sudan. Click here for a list.