Africa Hemorrhaging Billions in Illicit Gold Trade, Report Finds

A troubling new report has uncovered the staggering scale of illegal gold flows out of Africa, estimating over $30 billion worth or 435 metric tons was smuggled out of the continent in 2022 alone, the Associated Press reported yesterday.

According to the report by Swiss aid group Swissaid, between 32-41% of gold produced in Africa each year goes undeclared, with the vast majority ending up in the United Arab Emirates. Over a 10-year period from 2012-2022, a stunning 2,569 metric tons of undeclared African gold, worth around $115 billion, was imported by the UAE.

The report found the UAE was by far the primary destination for this illicit gold, with 405 metric tons flowing there in 2022 alone – up from 234 metric tons in 2020. Switzerland, another major buyer, imported 21 metric tons of undeclared African gold in 2022.

Experts say stronger border controls, efforts to formalize artisanal mining, and greater transparency in gold supply chains are urgently needed to stem this vast outflow of wealth from the continent.