Banky Foiben’i Madagasikara to establish gold collection points in Madagascar

Banky Foiben’i Madagasikara (BFM) plans to establish four gold collection points in Ambilobe, Maevatanana, Mananjary, and Miandrivazo. These locations were selected due to their high potential for gold production.

The initiative aims to strengthen Madagascar’s gold reserves and increase the formalization and traceability of the gold sector. By bringing official collection circuits closer to artisanal miners, the central bank intends to regulate gold commercialization and reduce reliance on informal markets. The system will also allow for stricter controls on the quality and purity of the metal collected.

This move follows a policy initiated in 2023 to integrate monetary gold into the country’s foreign exchange reserves. Beyond economic goals, the project includes social and financial components, such as improving miners' access to banking services and financing cleaner extraction technologies. This effort aligns with planetGOLD Madagascar and a partnership with the United Nations Industrial Development Organization (UNIDO) to reduce mercury use in artisanal mining.