Measures to facilitate gold exports

Exporting refined gold should now be easier for companies.

According to the Minister of Mines, Olivier Herindrainy Rakotomalala, steps have been taken to smooth the export process for gold. At a press conference in Ampandrianomby, the minister explained that challenges faced by licensed exporters are being reduced, especially at a time when the mining and agri-food sectors are experiencing slower growth.

In the past year, several changes have been made to help exporters. One major issue was a 6 % export tax, which made it hard for companies to compete globally. The minister explained that this issue was discussed with operators, and the government has now adjusted the tax and other regulations. Rakotomalala emphasized that the government strongly encourages companies to increase their gold exports.

Despite these improvements, export volumes haven’t seen a big jump in recent weeks. According to the latest data, only 3.5 kilograms of gold have been exported so far. The National Gold Agency reported a foreign currency repatriation rate of 99.98 %, which is impressive. However, this is still below the government’s goal of exporting six tons of gold this year. On top of legal hurdles, exporters are also struggling with high gold prices, which currently exceed global market values.