Africa is one of the world’s richest continents in terms of gold reserves.
Today, this precious metal is mined in Mali, the Democratic Republic of the Congo, Tanzania, Uganda, Burkina Faso, and dozens of other countries. So, why does a continent so rich in resources still have so much poverty? Around 42% of African gold illegally leaves the continent, ending up in Dubai’s trading hubs, Swiss banks, and London vaults. The market’s biggest players are Canadian, Australian, American, and British companies. The countries where this gold is mined receive the smallest share.
But African countries are beginning to demand what is rightfully theirs. The president of Tanzania discovered that one foreign mining company had not paid taxes in 14 years, and has demanded not only payment, but is also insisting that gold be processed locally. Mali and Burkina Faso have banned the export of raw gold abroad.
Why do European countries with no gold deposits hold the world’s largest gold reserves? And can this precious metal, which has been flowing out of the continent for centuries, finally remain in Africa?
