Ghana loses $11 billion in gold smuggling linked to UAE.
Ghana is losing billions of dollars each year due to gold smuggling from its thriving artisanal mining sector, with much of the unaccounted gold reportedly flowing to the United Arab Emirates, according to a new report by the nonprofit Swissaid.
The report uncovered a massive 229-metric-ton discrepancy, worth approximately $11.4 billion, between Ghana’s recorded gold exports and the corresponding import data over five years, with Dubai emerging as the primary destination for the smuggled gold.
Ghana proudly recognized as Africa’s top gold exporter, has reaped substantial economic benefits from the sector, but not without controversy. Illegal mining, locally known as galamsey, and rampant gold smuggling continue to undermine formal revenues.
The report further highlights how much of the country’s artisanal gold is smuggled through neighbouring Togo before reaching the UAE, while other routes pass through Burkina Faso and Mali via porous borders
Swissaid revealed a 229-metric-ton gap, valued at roughly $11.4 billion, between Ghana’s declared gold exports and corresponding import data over five years.
Source: Africa.businessinsider