Sudan gold exports earn $3.5 billion
Windfall fails to stabilise economy or lower prices for ordinary people.
Sudan's gold exports generated USD 3.5 billion in revenue over 10 months, according to a report by the Ministry of Minerals and the Central Bank of Sudan. This significant income has not improved the country's collapsing economy or reduced market prices for citizens. The report noted a rise in export earnings entering the formal banking system, with expectations that this proportion will exceed 80 per cent soon.
Despite this revenue, which the Sudanese Mineral Resources Company and Central Bank consider an achievement, the Sudanese pound continues to fall against the dollar. Economists point to a large gap between reported export figures and economic stability, noting that revenues could address the crisis if properly directed. Spending on the war that began on April 15, 2023, remains the priority, impacting public services.
Economic expert Dr. Haitham Mohamed Fathi stated that increased gold production and export figures, even with smuggling, offer a lifeline for Sudan's economy. Gold has been Sudan's most important export since South Sudan's secession. Production dropped to 6.5 tonnes in 2023 but rose to 64 tonnes in 2024.
Why it mattersOrdinary Sudanese citizens are not benefiting from the gold export earnings due to the ongoing war and economic instability.