Ghana Loses $11 Billion to Gold Smuggling in UAE Opacity Exposed by Report
A new report by Swissaid has uncovered that Ghana lost an estimated $11.4 billion—approximately 229 tonnes of gold—to smuggling between 2019 and 2024. The smuggled gold was largely carried via porous borders into neighboring countries and trafficked informally into the United Arab Emirates (UAE). 1. The Smuggling Gap The report reveals a 229 metric-ton discrepancy between Ghana’s recorded gold exports and what countries like the UAE reported as imports originating from Ghana—valued at $11.4 billion over five years. Much was carried via hand luggage on flights into Dubai. 2. Smuggling Routes & Tax Drivers Smugglers frequently route gold through Togo, Burkina Faso, and Mali, taking advantage of lax border controls. The 2019 withholding tax hike (3%) pushed many miners toward illicit channels, with a subsequent reduction in 2022 and full removal in 2023 only partially reversing the trend. 3. Impact & Reform In […]