Ghana has reportedly lost over $11 billion in gold revenue over the past decade due to rampant smuggling, according to a new investigative report by Swiss-based non-profit Swissaid. The report, released in June 2025, highlights a significant discrepancy between the volume of gold officially exported by Ghana and the amount recorded in major importing countries, particularly the United Arab Emirates (UAE).

Between 2013 and 2022, Swissaid estimates that around 229 tonnes of gold were smuggled out of Ghana. This gold, valued at more than $11 billion, was not declared to Ghanaian authorities, resulting in massive losses in tax revenue, foreign exchange, and economic control over one of the country’s most valuable natural resources.

A major destination for this smuggled gold is Dubai, part of the UAE, which has long been considered a global hub for informal and opaque gold trading. In 2022 alone, the UAE imported almost double the amount of gold that Ghana officially recorded as having exported there. This massive mismatch in trade data has raised concerns among transparency advocates, economists, and government officials in Accra.

The primary source of the smuggled gold is Ghana’s artisanal and small-scale mining (ASM) sector. Despite contributing significantly to gold production, the sector operates largely in the informal economy. Weak regulation, lack of traceability, and high taxes have created strong incentives for miners and middlemen to bypass official channels. In 2019, the Ghanaian government imposed a 3% tax on gold exports, which many analysts believe inadvertently fueled smuggling. Although the tax was later reduced to 1.5% and eventually removed in 2023, the damage had already been done.

According to the Precious Minerals Marketing Company (PMMC), which oversees gold export certification in Ghana, as much as 70 to 80 percent of gold from the ASM sector is smuggled out of the country without formal documentation. Much of this gold is carried by individuals in hand luggage, often via flights to Togo or Burkina Faso before being flown to Dubai.

The government of Ghana has acknowledged the severity of the issue. In response, it announced in January 2025 the formation of the Ghana Gold Board (GoldBod), a new regulatory body tasked with purchasing gold directly from artisanal miners and serving as the central exporter. The goal is to ensure better traceability, fair pricing, and minimize losses from illegal smuggling. GoldBod plans to buy at least 3 tonnes of gold per week, a move aimed at stabilizing Ghana’s foreign reserves and curbing the dominance of criminal networks in the gold supply chain.

The smuggling not only costs Ghana financially but also enables money laundering, armed conflict financing, and environmental degradation. Illegal mining commonly referred to as galamsey has devastated rivers, forests, and farmland across several regions, further compounding the socio-economic toll on local communities.

Despite commitments from the UAE to improve transparency in its gold market, concerns remain. Gold from African countries continues to enter Dubai without sufficient documentation, raising doubts about the efficacy of current due diligence measures. Swissaid and other international watchdogs are calling for stronger international cooperation, better customs enforcement, and adoption of global gold certification standards like those set by the London Bullion Market Association (LBMA).

As Ghana gears up for the full implementation of GoldBod operations, the success of the initiative will depend on political will, enforcement capability, and international collaboration. If effective, the measures could help Ghana recover billions in lost revenue, protect its environment, and empower legitimate gold miners. But without decisive action, the country risks continued exploitation of one of its most prized resources.

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