Ghana is estimated to have lost a staggering $11.4 billion in gold revenue due to rampant smuggling within the artisanal mining sector, according to Swiss nonprofit Swissaid. Much of this illicit gold is believed to end up in the United Arab Emirates (UAE), specifically Dubai.
The report, released on 11 June 2025, uncovered a 229-metric-ton gap over five years between Ghana’s official gold export data and the import figures reported by its trading partners. Dubai emerged as the principal destination for the missing gold.
“This is just the tip of the iceberg,” remarked Ulf Laessing, head of the Sahel programme at Germany’s Konrad Adenauer Foundation, in comments to Reuters. “Hand-carried gold does not have to be declared in Dubai … informal gold is mostly brought in on flights,” he added, highlighting the secretive nature of the trade.
Swissaid’s findings show that the gold is often smuggled from Ghana through Togo before it makes its way to Dubai. Other routes include Burkina Faso and Mali, facilitated by West Africa’s permeable borders. A senior official at Ghana’s Minerals Commission acknowledged the issue, calling it “a notorious fact.” However, the Ministry of Finance has yet to issue a public response.
The report was also critical of a 3% withholding tax on artisanal gold exports introduced in 2019, which it said worsened the smuggling problem. While the tax was later reduced to 1.5% in 2022 and abolished entirely in March 2025, experts argue these changes haven’t fully curbed the problem.
Swissaid estimates that in 2023 alone, Ghana produced 34 metric tons of artisanal gold that were not officially declared.
Despite earning $11.6 billion from gold exports last year, observers believe Ghana’s gold sector remains exposed. “The new government has shown some willingness to fix some governance issues that have bedevilled the gold sector for years… but its pace has been quite slow,” said Bright Simons of Accra-based IMANI Center for Policy and Education.
The situation in Ghana mirrors a broader trend across Africa, where gold-exporting countries often report lower figures than what importing nations like the UAE log.
Although Dubai authorities have pledged stricter monitoring, the reforms have yet to make a significant impact. Meanwhile, informal mining continues to provide livelihoods for over 10 million people across sub-Saharan Africa, even as its ties to organised crime and conflict raise growing concerns.
