Monopoly Over Gold Trade in Sudan

Former Secretary-General of the Sudanese Goldsmiths and Traders Association, Atef Ahmed, has revealed attempts by certain parties to monopolize Sudan’s gold trade by enforcing higher prices. In an interview with Al-Ahdath, Ahmed stressed the importance of maintaining reasonable prices to ensure that exporters can cover their costs and earn foreign currency to support the Central Bank of Sudan’s reserves. He criticized the chaotic decision-making in the gold trade, noting the influence of personal interests and unregulated practices in the market.

Ahmed also pointed out that the Sudanese Mineral Resources Company has been inconsistent in its decisions, especially regarding the imposition of taxes and fees, which only adds to the chaos in an already challenging situation. He urged the government to streamline its policies concerning the gold trade, as gold remains the country’s primary source of foreign currency. Ahmed warned that the unregulated environment is increasing gold smuggling and urged stakeholders to prioritize national interests over personal gains. Furthermore, he noted that gold production has significantly declined due to natural factors such as floods and road closures, reducing the overall supply by more than 40%. The rise in gold prices, he explained, is partly due to global market trends, but also influenced by the increasing value of the US dollar.