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In challenging economic and geopolitical times, investors bet on gold because of its ability to store value.
Gold prices hit record highs last year, with some analysts predicting the precious metal could reach $3,000 per ounce until the end of 2025. But the boom was also linked to a surge in illegal gold mining.
“What we found during research we published that more than 435 metric tons of gold were smuggled out of Africa in 2022,” said Marc Ummel, head of raw materials at Swissaid. “At the current price of gold, this equates to a value of more than $36 billion. .”
Small-scale illegal miningknown as galamsey in Ghana, provides a livelihood and an informal boost to the West African nation’s economy. It is also associated with environmental degradation and disease.
At least 87 illegal miners died in South Africa this week after they became trapped in an abandoned gold mine southwest of Johannesburg, the Associated Press reported.
So what do investors need to know about how gold is mined and will the price continue to rise? We traveled to Ghana to find out the impact of illegal mining.
