Gold exports soared in WAEMU in 2020

Gold exports generated 5,649.3 billion FCFA to the countries of the West African Economic and Monetary Union (WAEMU) in 2020, an increase of 31.1% compared to 2019. Figures contained in the Report annual report of the Central Bank of West African States on the region’s foreign trade.

This change, which began in 2013, is mainly due to the increase in international prices for this product of 24.5%, combined with an increase in volumes shipped, due to the dynamism of gold activities, particularly in Burkina Faso, Côte d’Ivoire and in Mali, informs the central bank.

Apart from these three countries, gold mining is carried out in Niger and Senegal. Marginal activities are observed in Benin, Guinea-Bissau and Togo, specifies the same source.

“Gold was almost the only commodity to have seen an increase in 2020, due to its role as a safe haven in the context of the Covid-19 crisis. The Union’s foreign sales of gold went mainly to Switzerland (66.2%), South Africa (21.5%) and India (3.3%). Gold occupies the first place of the Union’s exports with a share of 31.8% in 2020, after 24.4% in 2019 “, details the 70-page report.

Foreign sales of gold grew on average 19.3% per year in the region between 2008 and 2020.

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