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West Africa is a major gold mining hub, but political instability and illegal mining activities are preventing its full development.
Global gold prices are surging, surpassing $2,700/oz this month, already up by more than a fifth compared with 2023.
In this landscape, gold hubs across the world are working to formalise their mining sectors, capitalising on the rising demand and boosting investments, driven, a GlobalData report says, by “growing demand for safe-haven assets”.
A large proportion of production is centred in West Africa, particularly in the ‘Birimian belt’, which includes Ghana, the Ivory Coast, Burkina Faso and the Mali-Senegal border. Rich gold reserves in these West African nations have long attracted investment; however, the sector’s development has been hobbled by ongoing political instability and illegal mining activities – particularly in Burkina Faso and Mali – meaning development is often curtailed before governments can reap the full benefits.
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