The “On the Trail of African Gold” report by Swissaid revealed Friday that at least 435 tons of gold were smuggled out of Africa in 2022, representing a significant loss of income due to corruption, governance issues and armed conflicts.
Switzerland, the United Arab Emirates and India were identified as the top destinations for African gold exports. Mali, Zimbabwe and Côte d’Ivoire were the leading gold-producing nations.
The report by the Switzerland-based NGO noted an average of 321 to 474 tons of unregistered gold is produced annually in Africa.
It said gold smuggling across the continent doubled in 2022 compared to previous years.
The countries with the most unregistered gold production occurred in Ghana, South Africa, Guinea and Burkina Faso.
Additionally, the report noted that the amount of gold extracted and unregistered in Africa is higher than estimated.