Mali creates state body to regulate gold trade

Mali has created a new state agency to regulate its booming artisanal gold sector after uncovering major discrepancies between officially declared exports and imports reported abroad. The move aims to curb smuggling, improve oversight and secure greater revenues from the country's most valuable export.

The Malian government has established the Malian Office of Precious Substances, a state body tasked with regulating and centralising the country's artisanal gold trade.

Approved by the Council of Ministers, the new institution is expected to strengthen oversight of gold flows after authorities identified significant gaps between officially declared exports and the quantities recorded by importing countries.

Smuggling costs billions

Artisanal mining is a major pillar of Mali's economy, employing nearly two million people across an estimated 350 to 400 mining sites. However, the government says a large share of production continues to leave the country through informal channels.

According to a 2024 report by SWISSAID, between 30 and 57 metric tonnes of Malian gold worth between $1.98 billion and $3.77 billion are exported without being officially declared each year.

The report also estimated that between 2012 and 2022, around 300 tonnes of undeclared gold, valued at $13.5 billion, left Mali.

Gold remains economic lifeline

Gold is Mali's leading export, with industrial mines producing and exporting around 60 tonnes annually.

Official figures from the national statistics institute Instat show that gold exports rose sharply from 1.61 trillion CFA francs in 2024 to 2.75 trillion CFA francs (about $4.81 billion) in 2025.

Major export destinations

South Africa remained the largest destination for Mali's officially declared gold exports in 2025, accounting for 60.4% of shipments.

The United Arab Emirates and Australia followed with 12.2% and 12.1% respectively.

Push to formalise the sector

Mali's reforms mirror a broader global effort to formalise artisanal mining, which accounts for more than 20% of global gold production and provides livelihoods for over 10 million people worldwide.

By strengthening regulation of the sector, authorities hope to reduce smuggling, improve transparency and ensure the country captures a greater share of revenues from its vast gold resources.