Senegal’s Golden Shadow: A Deep Dive into the Illegal Gold Trade
A recent study by Swiss NGO SWISSAID has shed light on the dark side of Senegal’s glittering gold industry. Uncovering a massive illegal gold trade, the report reveals that over the past decade, between 36 to 41 tons of gold have left Senegal without official records, with a value ranging from $2.38 to $2.71 billion.
Mainly originating from small-scale and artisanal mining, this illicit gold often finds its way through Mali before reaching the United Arab Emirates. The region of Kédougou, with its strategic proximity to Mali, serves as a crucial hub for these smugglers.
Factors such as high export taxes, lack of artisanal mining regulations, and limited documentation of gold production contribute to this thriving illegal trade. SWISSAID recommends better regulation, lower export taxes, and improved documentation to bridge the gap between official and actual exports.
Not only does the illegal gold trade deprive the government of revenue, but it also poses environmental and health risks. Senegal faces the challenge of effectively managing its growing gold sector while balancing economic development with environmental and social concerns.
The future will test Senegal’s ability to transform its golden opportunity into sustainable prosperity for all its citizens.