Financial expert: Sudan loses billions of dollars annually due to gold smuggling operations

The former director of the Khartoum Stock Exchange, Al-Tayyib Al-Ja’ali, revealed the ability of the stock market to rebuild the Sudan economy and achieve stability after the war, reminding with the expertise of countries that suffered the ravages of war such as Syria, Iraq, Rwanda and Angola. He said that the government can issue bonds to finance agricultural projects, small and medium enterprises.

Al-Ja’ali said, in an interview with the (Sudanese Echoes) platform that global experiences in countries such as Syria, Iraq and Rwanda have shown that financial markets can play a pivotal role in economic refurbish if the market is properly exploited, enabling us to attract domestic and foreign investments that achieve sustainable economic growth, calling on the government to issue financial bonds to finance agricultural projects.

Moreover, he stressed that the stock market can limit gold smuggling operations by establishing gold purchasing centers financed by government bonds. These centers will ensure that miners get fair prices, which reduces the incentive for smuggling. The investment funds can also invest in developing gold refineries to increase added value.

Al-Ja’ali stressed that gold smuggling represents a major challenge for Sudan, as the country loses billions of dollars annually due to smuggling.

The former director of the stock market urged the government to benefit from the African Development Bank and the Jeddah-based Islamic Development Bank to support its development projects, saying that these institutions do not impose restrictions like traditional international institutions, besides providing adequate funding for small and medium-sized projects that the Sudanese economy currently needs.