After the secession of South Sudan in 2011, Sudan lost 75% of its oilfields and an even greater proportion of its hard currency earnings. The following year, it literally struck gold and within a few years, gold was providing 40% of Sudan’s exports. As much as a third of it, however, came to be smuggled to Libya, Chad or directly by plane to the region’s biggest gold market in Dubai.
The government in Khartoum, desperate to control the commodity, responded by using the Central Bank of Sudan as its sole buying agent, paying above the market price to gold traders and printing money to cover this outlay. Buying gold to convert to hard currency became the engine of Sudan’s inflation, which skyrocketed. By 2018, the price of essential commodities such as bread and fuel was so high relative to stagnant wages that the people across the country took to the streets to protest.