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In challenging economic and geopolitical times, investors are betting on gold for its ability to store value
Gold prices hit record highs last year, with some analysts predicting the precious metal could reach $3,000 an ounce by the end of 2025. But the boom has also been linked to a rise in illegal gold mining.
“What we found during the study that we have published is that more than 435 metric tons of gold have been smuggled out of Africa in 2022,” said Marc Ummel, head of the raw materials unit at Swissaid. “At the current price of gold, this corresponds at a value of more than $36 billion. .”
Illegal small-scale miningin Ghana known as galamsey, it provides sustenance and an informal boost to the economy of the West African nation. It is also linked with the destruction of the environment and disease.
In South Africa, at least 87 illegal miners have died this week after they were trapped in an abandoned gold mine southwest of Johannesburg, according to the Associated Press.
So that investors need to know how gold is purchased, and the price continues to rise? We traveled to Ghana to find out what impact illegal mining has.
