???? Ghana Loses $11 Billion to Gold Smuggling Linked to UAE – Swissaid Report

Accra, Ghana – June 16, 2025 – A groundbreaking Swissaid report has revealed that Ghana has lost approximately $11.4 billion over the past five years through gold smuggling, with a significant portion funneled to the United Arab Emirates (UAE).

???? Discrepancy in Export Data

The report exposed a staggering 229 metric‑ton gap between Ghana’s officially declared gold exports and what importing countries, especially the UAE, have recorded—valued at roughly $11.4 billion Smugglers typically carry gold on flights to Dubai and route it through neighboring countries like Togo before reaching its final destination

???? Policy Drivers & Smuggling Routes

• A 3% withholding tax introduced in 2019 led to a sharp increase in smuggling. Though reduced to 1.5% in 2022 and removed in 2023, the informal market persists, with about 34 tons of Ghana’s 2023 annual gold output undeclared

• Routes often pass through Togo, Burkina Faso, and Mali—making use of porous borders to evade detection

???? Broader Context & Regional Trends

• Across Africa in 2022, between 321–474 tons of gold—worth $24–35 billion—was smuggled, with 80–85% entering the UAE, per Swissaid 

•  

• Over the past decade, 2,569 tons of undeclared African gold—worth approximately $115 billion—has flowed through the UAE .

⚠️ Economic & Governance Implications

• Revenue loss & forex drain: The government forfeits billions annually—funds that could finance public services and infrastructure.

• Illegal economy support: The informal gold cash flow enables criminal enterprises, money laundering, and conflict financing 

• Weak oversight: Experts like Bright Simons from Imani Centre note that although reforms are in progress, their implementation remains slow and insufficient 

????️ Efforts to Curb Smuggling

• Ghanaian authorities have introduced regulatory reforms and set up the Ghana Gold Board (GoldBod) to oversee trade and crack down on illegal markets 

• The UAE has also introduced stricter tracking measures, reporting more than 6,400 suspicious activity alerts in gold handling between 2021–2022 and imposing fines on refiners

✅ What Must Follow

1. Strengthen border controls and airport baggage inspection—especially at Kotoka International Airport.

2. Reinforce regional cooperation—particularly with Togo, Burkina Faso, and Mali—to track and regulate illicit cross-border flows.

3. Enhance transparency in refining and export processes, and ensure traceability from mine to market.

4. Swiftly implement reforms spearheaded by GoldBod and public accountability measures.