• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business

Ghana identified as major transit point for illegal gold trading

2 years ago
in Business, Economy, Features, highlights, Home, home-news, latest News, Mining, Trade
2 min read
0 0
0
99
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Ghana identified as major transit point for illegal gold trading

Ghana, a major player in the global gold market, has been identified as a major transit point for the illicit shipment of the precious metal. A recent report by safety standards-oriented company, OriginAll, has identified Ghana, Sudan, Ethiopia, and Uganda as major illegal gold trading routes, with export destinations being Switzerland, the United Arab Emirates, and India.

According to the report, local gold refineries in Ghana are being extensively used to launder gold from illicit sources in an artisanal mining sector that involves several million people, forced labor, and high risks. The country loses over $2 billion annually in unpaid royalties and taxes on gold smuggled out of the country, according to the Ministry of Lands and Natural Resources.

The report by OriginAll further suggests that illicit gold mining is becoming a rising source of income for cartels, criminal gangs, and non-state armed groups, with the mineral sector accounting for 17% of global threat and conflict finance, compared to drugs at 28%. The report also highlights that capital flight from the African mineral sector has been estimated at $50 billion, with illicit annual exports from extractive industries in Africa accounting for at least $31 to $98 billion.

Ghana’s role as a major player in the global gold market is also highlighted by the fact that the country’s gold exports remain unaccounted for. An assessment of the trade data between Ghana and its three major gold trading partners—Switzerland, India, and the United Arab Emirates—reveals that over $6 billion worth of gold exports remain unaccounted for from 2013 to 2016. The figure is expected to rise significantly if all export and import data between all of Ghana’s gold trading partners were to be examined.

For example, from 2013 to 2016, the gold import-export variance between Ghana and Switzerland amounted to over $3 billion. While Switzerland’s gold import figures revealed that they had imported close to $7 billion worth of gold from Ghana, Ghana’s official records indicated an export of a little over $3 billion.

The report by OriginAll raises concerns that illicit gold mining is becoming a rising source of income for cartels, criminal gangs, and non-state armed groups, with the mineral sector averaging 17 per cent of global threat and conflict finance, compared to drugs at 28 per cent. Companies typically pay only 0 to 4 per cent tax on official amounts.

RelatedPosts

Gov’t to Overhaul Investment Law, Create 24-Hour Economy Authority in New Bills to Parliament

Ghana, Singapore Push Cross-Border Payments and SME Ties as Mahama Hails Stabilising Economy

GoldBod Suspends Gold Buyer’s Licence Over Illegal Pricing

The report comes on the back of an investigative piece by Al Jazeera, which recently stoked debate about how some Ghanaian officials could be complicit in illicit gold trades and money laundering activities for a group of mafias controlling the gold industry in Africa. A gold trader exposed in Al Jazeera’s Gold Mafia investigative documentary, Alistair Mathias, has revealed that he smuggles $40 million worth of gold from Ghana monthly.

Alistair Mathias, described by the investigative reporters as a financial architect who builds money laundering schemes for corrupt politicians, claimed that President Akufo-Addo is his friend and lawyer. “Ghana’s president is a good friend of mine. In fact, he was my lawyer,” Mathias was recorded saying.

The allegations made by Alistair Mathias are significant and highlight the need for greater scrutiny of the gold industry in Ghana. The country’s gold exports remain unaccounted for, and the use of local gold refineries to launder gold from illicit sources is a serious concern. The fact that illicit gold mining is becoming a rising source of income for cartels, criminal gangs, and non-state armed groups, further underscores the need for greater regulation of the gold industry in Ghana.

Tags: Ghana identified as major transit point for illegal gold tradingGold smugglingGold trading
No Result
View All Result

Highlights

JICA and AfDB Sign Agreement to Extend Enhanced Private Sector Assistance Initiative for $5.5 Billion

New Digitized Credit Plans Put Farmers First

International Syndicates Behind Oil Theft in Nigeria

Dangote Ends West Africa’s Fuel Import Dependence, Emerges Region’s Key Diesel, Jet Fuel Supplier

Parliamentary Select Committee on Lands and Natural Resources Visits AGA Iduapriem Mine

Parliamentary Select Committee Lauds Gold Fields’ Contributions During Working Visit

Trending

Business

Gov’t to Overhaul Investment Law, Create 24-Hour Economy Authority in New Bills to Parliament

August 28, 2025

Gov't to Overhaul Investment Law, Create 24-Hour Economy Authority in New Bills to Parliament The John Mahama-led...

Ghana, Singapore Push Cross-Border Payments and SME Ties as Mahama Hails Stabilising Economy

August 28, 2025

GoldBod Suspends Gold Buyer’s Licence Over Illegal Pricing

August 28, 2025

JICA and AfDB Sign Agreement to Extend Enhanced Private Sector Assistance Initiative for $5.5 Billion

August 28, 2025

New Digitized Credit Plans Put Farmers First

August 28, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.