The surge in illegal mining can be attributed to the gold boom.
During difficult economic and political circumstances, investors turn to gold as a reliable means of preserving wealth.
Last year, gold prices reached unprecedented heights, with some experts predicting that the precious metal could reach $3,000 per ounce by 2025. However, this growth has also been linked to an increase in illegal gold mining.
"According to Marc Ummel, head of unit raw materials at Swissaid, more than 435 metric tons of gold was smuggled out of Africa in 2022, which translates to a value of over $36 billion at the current price of gold."
Galamsey, a form of small-scale illegal mining in Ghana, supports the economy and offers livelihoods, but it also harms the environment and causes health problems.
At least 87 illegal miners died in South Africa this week after being trapped in an abandoned gold mine southwest of Johannesburg, according to The Associated Press.
What is the impact of illegal mining on gold sourcing and the price, and what do investors need to know? We traveled to Ghana to gather this information.
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