Supreme Council for Gold Should Be Established: Al Fatih

Ahmed Ibrahim

Khartoum – Since the separation of South Sudan in 2011, Sudan has been noticed as relying heavily on the commodity of gold to compensate for losses incurred in the field of oil. Many circles, especially the economists, have expressed their opinions on the matter. To begin with, head of the gold exporters’ chamber, Abdul Munim Al-Siddiq, is of the conviction that the blame for the deterioration of the situation regarding gold should be shouldered by the central bank of Sudan (CBOS); its former policies authorize two companies to monopolize the production of gold, pointing out that such a trend has resulted in the loss of 80 tons out of 100, affirming that the former committees are dissolved and a new one is formed whose task is the pricing of gold to comply with the country’s interests, especially economically.
He urges for immediate return of the money that are gained illegally in the domain of gold, seeing that the sphere of gold should be fully liberalized. ‘ CBoS and governmental companies are to distance themselves from such a matter. Their job should be supervisory, besides the set of policies’.
The expert in minerals’ economy, Dr. Yassir Mohamed Al Ubeid, says that historically the policies of CBOS are fluctuating-something that is well manifested in its inability to take actions decisively, especially in the gold domain.
An economic expert, Dr. Al Fatih Osman, who affirms that clear cut policies to deal with gold, especially the area of exportation, are lacking; he called for the set of a strategy to realize stability in the dealings of gold.
He concludes his remarks to say this; as the norms concerning cotton and the Gum Arabic, a supreme council for gold should be established, indicating that now gold becomes the number one commodity, especially in the area of exports.

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