BCRG Guinea and the Chamber of Mines: A Crucial Collaboration for the Repatriation of Mining Revenues

On Tuesday, August 22, 2023, a productive working session was held between the Chamber of Mines of Guinea and the Central Bank of the Republic of Guinea (BCRG).
The purpose of this meeting was to conduct an in-depth discussion on the implementation of a key directive: the repatriation of 50% of foreign currency earnings from mining exports, effective from September 1, 2023.

This measure, issued under the BCRG’s instruction, holds significant importance for the Guinean mining sector. To ensure the effective enforcement of this directive, it is essential that all stakeholders in the sector actively engage in the process. The working session served as an opportunity to encourage such active collaboration.

The First Deputy Governor of the BCRG expressed his support for this initiative and emphasized the importance of promptly resolving issues related to exemptions, transfers, and foreign currency repatriations.
A call was made for all stakeholders involved to work together to address these crucial matters by August 31, 2023.

 

To ensure the success of this initiative, technical meetings will be held in the coming weeks. These sessions will involve experts from the various stakeholders, as well as representatives from mining companies. The goal will be to define effective strategies to overcome the challenges associated with implementing this directive.

The close collaboration between the BCRG and the Chamber of Mines of Guinea demonstrates the commitment of both entities to the responsible development of the mining sector. This initiative strengthens market transparency and stability while fostering an environment conducive to sustainable investments.

In conclusion, the working session of August 22 marks the beginning of a crucial period of collaboration between the BCRG, the Chamber of Mines, and all stakeholders in the mining sector. Together, they will work to ensure the successful implementation of the foreign currency repatriation directive, thereby contributing to the growth and prosperity of the mining sector in Guinea.