Source: newsthemegh.com
An organization that focuses on safety standards has determined that Ghana is a big hub for the illegal transport of gold.
They found that Ghana, Sudan, Ethiopia, and Uganda are the main transit countries for illegal gold trade, with Switzerland, the United Arab Emirates, and India serving as popular export destinations. Origin. published a study on the unlawful global economy.
All of them emphasized how artisanal mining, which employs millions of people, forced labor, and significant hazards, is being taken advantage of by local gold refineries to launder gold from illicit sources.
According to an analysis of trade statistics between Ghana and its three biggest gold-trading nations, Switzerland, India, and the United Arab Emirates, nearly $6 billion in gold shipments from Ghana between 2013 and 2016 were unreported.
If all of Ghana’s gold trading partners’ export and import figures are taken into account, it is anticipated that this number will dramatically rise. For instance, the differential in gold imports and exports between Ghana and Switzerland alone was over $3 billion at the time.
Ghana exported little over $3 billion worth of gold, according to government data, whereas Switzerland imported nearly $7 billion worth from Ghana.
Ghana reportedly loses over $2 billion every year in unpaid royalties and taxes on gold that is smuggled out of the nation, according to the Ministry of Lands and Natural Resources.
Everyone has expressed concern that illegal gold mining is developing into a significant source of funding for gangs, cartels, and non-state armed organizations.
In comparison to narcotics, which account for 28% of global threat and conflict funding, the mineral sector contributes only roughly 17%.
The investigation also indicated that, compared to illicit oil exports of $7.65 to $37.5 billion, the capital flight from the African mining industry had been assessed at $50 billion, with a total range of $24 to $61 billion.
Comparatively to $32 to $62 billion from Latin America, the yearly illegal exports from the extractive sectors in Africa are estimated to be between $31 and $98 billion, with businesses often paying only 0 to 4% tax on the official amounts.
These conclusions follow an investigative report by Al Jazeera that raised concerns about the potential involvement of some Ghanaian authorities in illegal gold deals and money-laundering schemes carried out by a gang of mafias that dominate the continent’s gold business.
Alistair Mathias, a gold broker uncovered in an investigative report by Al Jazeera, claims to smuggle gold worth $40 million out of Ghana each month.
According to Mathias, a financial architect who creates money laundering plans for dishonest politicians, President Akufo-Addo is both his friend and attorney. Nonetheless, Akufo-Addo has refuted any claims that he ever served as Mathias or his business’ legal counsel.