The Dark Side of Gold: Uncovering the Illegal Mining Epidemic
A Precious Metal’s Soaring Value
In times of economic uncertainty, investors often turn to gold as a safe-haven asset. Last year, gold prices reached unprecedented heights, with some experts predicting it could reach $3,000 an ounce by 2025. However, this surge in value has a darker side – a significant increase in illegal gold mining.
The Illegal Gold Rush
According to Marc Ummel, head of unit raw materials at Swissaid, over 435 metric tons of gold were smuggled out of Africa in 2022, equivalent to a staggering $36 billion at current prices. This illegal trade is not only lucrative but also has devastating environmental and health consequences.
Ghana’s Galamsey Problem
In Ghana, small-scale illegal mining, known as galamsey, provides a livelihood for many and boosts the country’s economy informally. However, it also leads to environmental destruction and illness. The situation is dire, with many miners risking their lives in abandoned mines.
The Human Cost
Tragedy struck in South Africa recently, where at least 87 illegal miners lost their lives after being trapped in an abandoned gold mine. This incident highlights the human cost of illegal mining and the need for investors to be aware of the sourcing of their gold.
The Future of Gold
As gold prices continue to rise, investors must consider the ethical implications of their investments. Will the price of gold continue to soar, and what can be done to address the illegal mining epidemic? We traveled to Ghana to uncover the truth behind the illegal gold trade and its impact on the environment and local communities.
Watch the Video to Learn More
Get an inside look at the illegal gold mining industry in Ghana and its far-reaching consequences.
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