Madagascar would transform its own gold

Andry Rajoelina announced the creation of a gold refinery to transform the gold extracted from Malagasy soil on site before any export. Madagascar should also be able to have a larger gold reserve, continues the head of state.

First gold refinery in Madagascar

What if Madagascar transformed the gold extracted from its soil itself instead of exporting it raw? ? This is one of the ambitions affirmed Sunday evening by the President of the Republic Andry Rajoelina. In his greetings speech to the Nation, he announced “the construction of Madagascar's first gold refinery”.

The objective, he indicates, is of “transform ourselves in Madagascar the gold extracted from Malagasy soil into monetary gold and gold ingots before exporting it abroad legally and in accordance with standards”.

À en creire Andry Rajoelina, having a gold refinery and exporting already processed gold should allow the Big Island to improve its foreign exchange earnings and thus increase the appreciation of the national currency. Madagascar should also be able to have a larger gold reserve, continues the head of state.

Madagascar processed its own gold

En 2023, the Central Bank of Madagascar was unable to acquire its first gold bars after several months of process. He first had to lift the ban on gold exports, but also negotiate with Swiss and South African refineries, before concluding with the Turkish refinery Istanbul Gold Refinery.

1 080 kilos of gold were purchased by the Central Bank then exported to be refined and transformed abroad into 2023. These 1 080 kilos of gold then returned to Madagascar in the form of monetary gold. With the new refinery, the idea is therefore to transform Malagasy gold on site. This decision is part of Andry Rajoelina’s industrial policy which consists of “to produce and locally transform everything that the Malagasy people need and everything that allows the economic development of Madagascar”, rappel Andry Rajoelina.

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