A new report by Swissaid, a Swiss nonprofit organization, has revealed that Ghana has lost an estimated US$11.4 billion in gold revenue to widespread smuggling from the artisanal mining sector over five years, with much of the stolen gold flowing to the United Arab Emirates (UAE).
The report, released on June 11, 2025, disclosed a 229-metric-ton trade discrepancy between Ghana’s officially declared gold exports and the corresponding imports reported by trading partners. The $11.4 billion loss deprives Ghana of the much-needed tax revenues that could be used for national development.
Dubai is the main destination for smuggled gold from the West African country. The reports note that much of the unaccounted gold is hand-carried on flights, bypassing customs and official declarations in Dubai.
According to the report, Ghana’s gold is mainly smuggled to Togo before it finds its way to Dubai, while some pass through Burkina Faso and Mali, taking advantage of porous borders.
Also, the report noted that a 3% withholding tax imposed on artisanal mining backfired, causing exports to plummet and pushing miners into the informal sector and smuggling. While the tax was reduced to 1.5% in 2022 and scrapped in March 2025, the reports indicated the reforms have been slow, and much of the traded gold goes unreported.
Ghana’s case reflects a broader trend across Africa, where gold-producing countries report significantly lower export figures than those recorded by key importers like the UAE.
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