Artisanal gold mining in Africa is a booming industry producing between 443 and 596 tonnes of gold annually. However, a recent report published by Swissaid reveals that a significant amount of this gold is being smuggled out of the continent, with the United Arab Emirates (UAE) being the main destination. In 2022 alone, 435 tonnes of gold, worth over $30 billion, was illegally smuggled out of Africa.
The UAE has accepted more than 2,500 tonnes of smuggled gold over the past decade, valued at over $115 billion. This rampant smuggling not only results in lost tax revenue for African countries but also poses risks of money laundering, terrorist financing, and sanctions evasion.
With the gold price soaring since 2009, more individuals are turning to artisanal mining, contributing to the smuggling crisis. Swissaid estimates that artisanal and small-scale mining in Africa produced between 443 and 596 tonnes of gold in 2022, with over 70 percent remaining undeclared.
Addressing concerns about gold smuggling, a UAE official stated that the country has implemented new regulations to combat these illicit activities. However, the scale of the issue indicates a pressing need for stricter enforcement measures in the UAE and across Africa.