Tonnes Of Gold Worth $11.4 Billion Were Missing From Ghana’s Official Trade Statistics – Kwaku Azar

Outspoken law professor Kwaku Azar has argued that Ghana remains, in many respects, a Gold Coast, with gold now accounting for more than half of the country’s exports, compared with roughly one-fifth previously. He noted that this makes gold one of the most significant drivers of Ghana’s external economy.

According to him, Ghana’s gold production comes mainly from two sectors: Large-Scale Gold Mining (LSGM), which comprises major mining companies, and Artisanal and Small-Scale Gold Mining (ASGM), made up of the more fragmented small-scale mining operators. He said ASGM production recently surpassed output from large-scale mining for the first time.

Kwaku Azar further stated that a significant amount of gold from the small-scale mining sector had allegedly been leaving Ghana through unofficial channels for years. He cited an IMF estimate indicating that hundreds of tonnes of gold, valued at billions of dollars, were absent from Ghana’s official trade statistics during the period under review. He stressed that this does not necessarily mean the entire amount was stolen.

Rather, he explained that the figures suggest substantial quantities of gold were leaving the country outside the officially recorded export system. According to him, this is concerning because such unrecorded exports reduce Ghana’s ability to monitor its gold trade, limit foreign exchange earnings and potentially deprive the state of tax revenue.

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