But it was the appeal to postpone gold purchases that stood out most in a country where gold is deeply tied to household savings, weddings and cultural traditions.

India imports nearly 85% of its gold requirements, making it one of the world ’s most gold-dependent economies. Gold imports jumped 24% in April to a record $71.98 billion, according to the article, adding to concerns over the country’s widening trade deficit as oil prices climb.

The call comes as Brent crude prices surged beyond $107 per barrel following tensions around the Strait of Hormuz, a vital shipping route through which roughly a fifth of the world’s oil supply passes. India imports about 88% of its crude oil , with up to half historically flowing through the strait.

Still, the appeal may resonate unevenly across India. For millions of households, gold functions not as a luxury purchase but as a form of savings and financial security , particularly in areas with limited access to formal banking and investment products.

“Our lease expired in April 2025. We applied for an extension, but the government indicated a preference for the asset to transition to Ghanaian ownership, which we accepted and thought made sense,” Gold Fields CEO Mike Fraser said during a media briefing on the company’s 2025 results.

Under Ghana’s mining laws, mineral assets revert to the state when leases expire. A transition team appointed by the sector minister has been working alongside Gold Fields since July 2025 to coordinate the handover. The team is expected to assume interim leadership from April 19, 2026, pending the appointment of a new operator.

Fraser said the company has not received formal communication on who will take over long-term operations. “A new operator would need to be appointed and issued with a mining lease to continue operations, a process that could require parliamentary approval,” he noted.

Gold Fields completed a feasibility study before the handover, indicating that Damang could continue operating for at least nine more years with annual production of 100,000 to 150,000 ounces. Extending the mine’s life would require an estimated $500 million to $600 million in new investment.

The Damang Mine, located in the Western region of Ghana is one of the largest gold mines in the country and directly employs about 500 staff and supports up to 1,500 contractors, making operational continuity a key concern.

“Unlike most minerals, gold combines deep liquidity, transparent pricing, and rapid monetisation,” the report notes, adding that this allows countries to convert domestic production directly into reserves instead of depending on “volatile external inflows.”

Despite its vast deposits, gold accounts for only about $70 billion, roughly 15%, of Africa’s total foreign exchange reserves. The AFC argues that stronger institutions, better oversight and more local refining could unlock greater benefits.

“The strategic value of Africa’s minerals lies in how they can be leveraged to deepen domestic value addition and support regional integration,” the report says.

Ghana is cited as an example. After establishing a Gold Board in 2025 to formalise artisanal production and reduce smuggling, the country has begun to rebuild its reserves, and its currency is beginning to stabilise.

The AFC concludes that “these dynamics are becoming increasingly relevant as central banks re-anchor reserves in gold,” offering Africa a potential pathway to stronger financial stability.

Gold prices have doubled over the past twelve months, reaching around five thousand dollars per troy ounce. Silver's climb has been even more dramatic. It rose from around $35 an ounce at the start of the year to a peak of $120 in January, before falling back to around $80. Even after that drop, silver is still up more than 250 percent over the year, outperforming almost every other asset.

What's going on?

The current surge began with central banks. After Russia was cut off from the global financial system following its invasion of Ukraine, many countries recognised a vulnerability. The US dollar dominates global reserves and trade, which makes it convenient but also exposes countries to political pressure. Nations including China, Turkey, India and several in the Middle East began looking for alternatives that could not be controlled by any single government. Gold became the obvious choice.

At the same time, the world experienced the sharpest inflation spike in decades. Supply chain disruptions, the energy crisis in Europe and lingering effects of the pandemic undermined confidence in currencies. Historically, these are the conditions in which gold performs well. When trust in money weakens, investors turn to something tangible.

Gold and silver are also not just stores of value. They are essential materials for modern technology. Electric vehicles, renewable energy systems and data centres all depend on them. Demand has risen quickly, but mining supply has not kept pace. Environmental concerns, rising costs and the long time it takes to develop new mines mean production cannot respond quickly to price signals.

Finally, there is a psychological element. As prices rise, fear of missing out draws in more investors. Media attention pulls in ordinary savers alongside hedge funds and central banks, pushing prices even higher.

Ghana and gold

Ghana’s relationship with gold stretches back over a thousand years. Long before modern states existed, gold from the region travelled across the Sahara. European traders later named the area the Gold Coast, a name that captured how central the metal was to the economy.

After independence, gold mining was nationalised, but mismanagement led to decline. Reforms in the 1980s revived the sector, and today gold is once again the backbone of the economy. In 2025, gold accounted for around 64 percent of export earnings, bringing in roughly $11.5 billion. Mining contributes more than a third of government revenue and supports millions of jobs, both formal and informal.

The recent price boom has brought visible benefits. Foreign reserves have stabilised, and the cedi has strengthened significantly against the dollar. This has helped reduce imported inflation, especially for fuel and food, which have been politically sensitive after years of economic hardship. For many Ghanaians, higher gold prices feel like a long-awaited breathing space .

But the boom has also intensified existing challenges. Informal and illegal mining has expanded, driven by the incentive of higher prices. Rivers have been polluted and landscapes damaged. In response, the government has created a Gold Board to tighten controls, capture value leaking out through smuggling and improve environmental enforcement. Special river guards have been trained, arrests have been made and monitoring has increased. Results so far are mixed, but there is recognition that without stronger regulation, the long-term costs could outweigh the short-term gains.

Bolivia and silver

Bolivia’s history with silver is inseparable from Potosí and the Cerro Rico mountain, which for centuries helped finance the Spanish Empire at immense human cost. After five hundred years of mining, the mountain itself is now at physical risk, with collapses a constant threat.

Bolivia remains a significant silver producer. In 2024, it produced around 1,300 metric tonnes and exported roughly $1.2 billion worth of silver ores and concentrates. Mining today is dominated by cooperatives that operate in a grey zone between formal and informal activity. These groups wield considerable political power and are central to ongoing debates about safety, environmental damage and state oversight.

Rising silver prices have brought mixed reactions. Higher incomes help mining communities survive, especially in regions like Potosí where alternatives are scarce. At the same time, weak regulation and limited enforcement capacity raise concerns about environmental degradation and labour conditions. Proposals have been floated to formalise cooperatives through financial incentives tied to environmental standards, but whether these reforms will be fully implemented remains uncertain.

For a country facing a severe foreign currency shortage and fuel crisis, silver offers potential relief. Studies suggest significant revenue gains are possible if the sector is better regulated, but this depends on political will and institutional capacity.

A temporary boom or lasting change?

Both Ghana and Bolivia are benefiting from high prices, but both face the same underlying question. Commodity booms rarely last forever. Prices will likely fall at some point. The real issue is whether today’s windfall can be converted into lasting economic stability, stronger institutions and environmental protection.

In Ghana, higher gold prices have helped stabilise the economy and given the government room to manoeuvre after a difficult period. In Bolivia, silver offers a chance to ease immediate pressures but also exposes long-standing structural problems.

The opportunity is real in both countries. So is the risk. Whether this moment becomes a turning point or just another chapter in the familiar boom-and-bust cycle depends on how governments act while prices are high.

World Reframed is produced in London by Global South World, part of the Impactum Group. Its editors are Duncan Hooper and Ismail Akwei.

ISSN 2978-4891

He said that the US will take Greenland “one way or the other” to prevent Russia or China from doing the same on Sunday, January 11.

Danish Prime Minister Mette Frederiksen has warned that any attempt by the U.S. to seize Greenland would effectively destroy NATO, given that both Denmark and Greenland are members of the alliance.

“If the United States chooses to attack another NATO country militarily, then everything stops. That is, including our NATO and thus the security that has been provided since the end of the Second World War,” Frederiksen told Danish broadcaster TV2.

This is the second time Trump has threatened to take the Island since he started his second term in January 2025. You may have wondered, "Why Greenland?"

Greenland hosts a wide range of minerals that modern economies depend on. Although copper and gold remain fundamental to construction, electronics and finance, the country also boasts graphite, rare earths , nickel, iron ore and zinc that stretch along its coasts.

Graphite and nickel are increasingly critical for batteries , electric vehicles and renewable energy systems. Iron ore and zinc support heavy industry, while rare earth elements play a central role in wind turbines, advanced electronics and defence technologies.

Geological surveys show that many of these resources are concentrated in distinct zones, particularly in southern and western Greenland, reflecting the island’s unique and ancient rock formations.

What makes Greenland especially significant is not just the presence of common metals, but the breadth of strategically important ones as well.

Studies indicate that Greenland contains a large share of the minerals classified by the European Union as critical raw materials. These are essential resources for economic security, yet they are vulnerable to supply disruptions.

Rare earth elements, in particular, have attracted global attention because production is currently dominated by a small number of countries, leaving Europe and North America exposed to geopolitical risk.

However, here’s the thing: mineral wealth on paper does not automatically translate into mining success. Greenland’s mining sector remains small, and only a limited number of projects have moved beyond exploration.

Environmental regulation plays a major role. The government’s ban on uranium mining, for example, has stalled or cancelled several rare earth projects because uranium often occurs alongside those minerals. Legal disputes and investor uncertainty have followed, slowing development further.

Still, progress is happening. One notable example is the Amitsoq graphite project , which recently secured a long-term mining permit with backing from the European Union. If developed as planned, it could supply high-grade graphite for lithium-ion batteries and help reduce Europe’s reliance on external suppliers.

Beyond economics, Greenland’s mineral map has geopolitical weight. As competition over critical minerals intensifies, the island’s location between Europe and North America makes it strategically important. Interest from major powers is driven not only by commercial opportunity but also by concerns about supply chain resilience in an increasingly fractured global economy.

The dealer later told the customer that the logo, weighing just under one don, was worth more than 700,000 won — a sum that far exceeded expectations for a discarded household appliance part.

The video quickly gained traction online, surpassing one million views within days and prompting viewers to scour homes, storage rooms and scrap piles for similar logos. Social media users shared stories of elderly relatives’ old air conditioners and lamented throwing away metal badges years earlier.

The online buzz intensified when a second customer appeared in a follow-up video, bringing in another Whisen logo after seeing the original post. That logo, in better condition, got an even higher valuation.

As interest surged, media reports began to clarify the origins of the gold-plated find. South Korean newspapers reported that the gold logos were not standard fittings but appeared only on specific limited-edition LG models.

According to industry records, LG — then operating as Lucky-Goldstar — produced around 10,000 special-edition Whisen air conditioners in 2005, each fitted with a pure gold logo to mark the company’s dominance in the domestic market.

The concept was revived in 2008 with a small batch of models featuring gold nameplates engraved with an artist’s signature, further blurring the line between appliance and collectible.

At the time, gold prices were a fraction of today’s levels, making the inclusion of precious metal more symbolic than financially significant. Two decades later, soaring gold prices have transformed those logos into unexpected assets.

The episode has underscored how forgotten promotional gimmicks can gain new value with time — and how, in this case, an old air conditioner quietly became a long-term investment without its owner ever knowing.

“We have enough foreign currency reserves that will be able to cover the next three to six months. By 2030, all things being equal, we will have enough foreign currency reserves to transition to a mono-currency,” Matshe is quoted .

Zimbabwe has struggled for more than a decade to restore a functioning national currency after bouts of hyperinflation forced the government to abandon the Zimbabwe dollar in 2009.

The most recent attempt, the ZiG, short for Zimbabwe Gold, was launched in April 2024 and now accounts for roughly 40% of daily transactions. The currency has been buoyed by a sharp rise in global gold prices, with mining companies benefiting from a 48% rally this year.

The gold boom has also lifted activity on the dollar-denominated Victoria Falls Stock Exchange, where several gold-linked stocks have performed strongly. Analysts say the trend has helped stabilise domestic markets and reduce pressure on the foreign-exchange system.

Matshe said the country currently holds around US$1 billion in reserves, but expects to accumulate enough over the next three years to meet the minimum import-cover threshold required for a fully independent national currency.

Zimbabwe’s central bank believes stronger reserves, along with a more stable ZiG, will allow the government to gradually end the dual-currency system and reduce reliance on the US dollar.

Attorney General Mohamed Shawky said an extensive inventory uncovered 265 kilograms of gold, two tonnes of silver, and other precious metals that had accumulated across various investigative bodies, including the Weights and Measures Authority and the Mineral Resources Authority. Many of the items date back to the late 1990s.

Following an assessment, the Public Prosecution recommended converting the seized gold into bullion and handing it to the Central Bank to strengthen Egypt’s strategic reserves. The Cabinet approved the proposal, enabling technical teams to melt and refine the seized items into high-quality bars.

The bullion, worth an estimated $34 million, was formally handed over this week during a ceremony attended by Prime Minister Mostafa Madbouly, the Governor of the Central Bank Hassan Abdullah, and Finance Minister Ahmed Kouchouk. The Central Bank also received around $44 million in frozen financial assets, while 99,000 seized vehicles are set to be auctioned in line with court rulings.

Officials say the, amongst others, also follows months of clearing long-dormant evidence stores and unclaimed items.

Shawky described the operation as an example of “institutional integration and responsible management of public funds ,” adding that transforming stagnant assets into national reserves supports currency stability and economic resilience 

The Public Prosecution says it plans to continue similar asset conversion to modernise case management, clear backlogs and speed up judicial processes.

The plan envisions a large‑scale underground mine roughly 55 km northwest of Kisumu, with ore processed through a 1,500‑tonnes‑per‑day plant powered by a 12‑megawatt station, and tailings stored on site.

Capital costs are estimated at US$170 - 208 million (Sh22 - 27 billion), with annual operating costs of about US$19 million. The company projects royalties of US$4.3 - 4.7 million (Sh560 - 610 million) a year for the state, plus US$1.5 million (Sh195 million) via the Mineral Development Levy. Under Kenya’s Community Development Agreement rules, 1% of the value of gold produced would be shared directly with host communities. Initial mine life is eight years, with potential extension subject to further drilling.

“Our focus is to develop a world ‑class underground operation that meets global safety and sustainability standards,” said Jiten Divecha, general manager of Shanta Gold Kenya Ltd, who signed the EIA. 

The company proposes Long Hole Open Stoping (LHOS), a mechanised method designed to minimise surface disturbance. Mined-out voids would be backfilled with cemented aggregate to reduce the risk of subsidence, the EIA states. Key infrastructure includes a tailings storage facility, waste rock dumps and administrative buildings.

The project would require about 337 acres, mainly private land, potentially displacing around 800 households. Shanta has identified six resettlement sites totalling 1,932 acres, offering cash compensation or relocation within the region.

The rally reflects a growing appetite among investors for safety amid global economic uncertainty and geopolitical pressure.

The surge is being fuelled by multiple factors. A weaker U.S. dollar and expectations of future interest rate cuts by the Federal Reserve are making gold more attractive, while institutional and central-bank buyers are stepping up their purchases.

This rise in gold value is also tied into broader global trends. For instance, reports show that gold prices surpassed US $4,300 per ounce recently as trade friction and safe-asset flows intensified. Analysts at HSBC have since revised their 2025 average forecast upward, citing this acceleration in demand.

For everyday investors and businesses, the message is clear that gold is not just a long-term investment bet any more but it’s responding in real time to current economic stresses.

That said, while the momentum is strong now, prices can be volatile. Unexpected policy shifts, a strengthened dollar, or easing geopolitical risks could all slow the pace of gains.

In short, gold’s breakout this year underlines how markets are refocusing on stability and diversification.

Hybrid systems, where part of the currency is pegged to gold, have also struggled because they tend to collapse under speculative pressure or are quietly abandoned when fiscal needs demand flexibility.

Some states highlight gold holdings to boost public confidence while continuing to rely on the U.S. dollar for trade and debt payments. A typical example is Zimbabwe, where it launched the ZiG ( Zimbabwe Gold ) last year. A currency supposedly anchored to its bullion reserves, after years of hyperinflation and repeated currency collapses.

Authorities pledged every unit would be backed by gold or foreign currency reserves. The move initially boosted public confidence, but analysts warn the system faces the same risks that doomed previous gold-anchored experiments.

Local schemes, reserve-enhanced fiats, or tightly run currency boards can tie value to gold, but such arrangements demand transparency, strict fiscal discipline, and are rare in national practice. Economists say the model holds up mainly at smaller scales.

Gold is less liquid than modern capital flows, governments need flexibility in crises, and international trade remains dominated by fiat currencies. Without full transparency, markets are quick to test the credibility of any gold peg.

In an interview with local news channel Joy News , the Chamber President, Michael Edem Akafia, said Ghana’s continued leadership in gold output underscores its maturity as a mining hub.

“In terms of performance, if you look at it on the global level, Ghana is still maintaining its place as the biggest gold producer in Africa and sits globally as well. So those are the positives you have going for it,” Akafia said.

Small-scale mining has driven much of the growth, with production soaring from 1.1 million ounces in 2023 to 1.9 million ounces in 2024. In contrast, large-scale production has stagnated at around 2.9 million ounces.

“If you unpack it and look behind those headlines, you find that there may be challenges and issues of concern for the industry,” Akafia noted, adding that Ghana must continue positioning itself as a “beacon for the mining industry” across Africa.

Akafia also pointed to uncertainty over the government’s planned overhaul of mining laws. While reforms are aimed at improving transparency and governance , industry stakeholders remain cautious about how the changes could affect investment and operations.

According to data from the World Gold Council , Ghana has been Africa’s leading gold producer from 2010 to date, with 135.1 tonnes, followed by Mali with 105 tonnes and South Africa with 104.3 tonnes. Burkina Faso ranks fourth with 98.6 tonnes, while Sudan rounds out the top five at 72.5 tonnes.

In 2024, global gold production reached approximately 3,661 metric tonnes, setting a new record amid surging demand from central banks and investors worldwide. But which nations are driving this output, and how do they rank on the global stage?

China

China remains the world’s largest gold producer, responsible for approximately 380 metric tonnes in 2024, around 10–11% of global production. Much of this comes from state-owned companies that dominate the mining sector, alongside global exploration projects tied to Beijing’s Belt and Road Initiative.

Russia

Russia retained its position as the second-largest producer, yielding roughly 310 metric tonnes in 2024. Despite geopolitical challenges and sanctions, the country’s mining sector remains robust, with gold exports forming an important part of its resource-driven economy.

Australia

Australia ranked third globally with 290–300 metric tonnes of gold mined last year. The country’s prolific reserves in Western Australia continue to sustain its role as one of the world’s gold mining hubs, supported by a mature regulatory and industrial environment.

Canada

Canada produced around 200 metric tonnes in 2024, keeping its place among the top five gold producers. Most of its output comes from mining centres in Ontario and Quebec, where leading firms like Agnico Eagle and Newmont operate major projects.

United States

The United States rounds out the top five with about 160 metric tonnes of production in 2024. The majority comes from Nevada, home to Nevada Gold Mines, a joint venture between Barrick Gold and Newmont, alongside additional production from Alaska.

Together, these five countries account for nearly half of all newly mined gold worldwide. Their output not only underpins global jewellery and technology industries but also shapes financial markets, where gold remains a hedge against inflation and instability.

At the corporate level, mining giants like Newmont (6.7 million ounces in 2024) and Barrick Gold (3.9 million ounces) dominate production and investment flows, reinforcing the global concentration of gold supply.

The report, released recently, states that gold smuggled from South Sudan, the Democratic Republic of Congo (DRC), and possibly Sudan and Ethiopia , is routinely routed through Kenya before being exported, primarily to Dubai.

“Part of the gold that is smuggled out of South Sudan, the Democratic Republic of Congo, and, to a lesser extent, Ethiopia, and possibly Sudan, passes through Kenya before being re-exported,” the report states. “Most of the gold that is smuggled out of Kenya is shipped to Dubai and declared for import there.”

SwissAid estimates that illicit gold flows from Kenya exceed two tonnes annually. In contrast, Kenya officially declared only 672 kilograms of gold exports in 2023. The report notes that most of the gold entering Kenya is not declared for export but later appears in import records in destination countries, Kenyans.co.ke reports.

“In other words, one can be confident about the existence of sizeable outbound illicit gold flows because this gold resurfaces further down along the value chain and becomes visible there through official statistics,” the report says.

SwissAid also found inconsistencies between Kenya’s declared gold production and the import records of countries receiving gold from Kenya.

The report indicates that gold imports declared by other countries have consistently exceeded Kenya’s reported production and imports since 2019.

“Undeclared production from Kenyan ASM (artisanal and small-scale mining) is smuggled out of the country and reaches mainly the United Arab Emirates, possibly also Uganda and Tanzania,” the report says.

According to him, exports reached $929.5 million in January, surged to $1.8 billion in February, and continued strongly through March.

The main buyers were the United Arab Emirates, Saudi Arabia, and Turkey, alongside markets in Europe and the United States .

“This growth reflects our ambition for gold exports to contribute at least 5% of Egypt’s total merchandise exports in the near future,” Wassef was quoted by Egypt Today .

Egypt has climbed quickly in global rankings, rising from 94th in 2022 to 54th in 2023 among gold jewellery exporters. Officials hope to reach the top 10 by 2027.

Wassef credited government support for the sector’s rapid progress and said the country remains focused on expanding its presence in international markets.

The coins are made of real gold and are being sold through local banks.

They come in different sizes, from one-tenth of an ounce to one full ounce. Officials say the move will help reduce inflation and give people a safe way to keep their savings.

The coins are called “Mosi-Oa-Tunya,” which means “The Smoke That Thunders,” the local name for Victoria Falls.

Zimbabwe launched the ZiG earlier this year. It is the country’s sixth attempt to have its own currency since 2009.

The government said the ZiG was backed by gold and U.S. dollars and promised that its value would be stable.

But just a few months later, people are already losing trust in it. There are signs the currency is being quietly weakened, Zimbabwe Mail reports.

In 2008, the old Zimbabwe dollar collapsed during a time of extreme inflation.

After that, the country used U.S. dollars for a while. Since then, several local currencies have been introduced.

Today, most people in Zimbabwe cannot afford to buy gold coins, which are priced in U.S. dollars.

"General Langley adopts a posture that deliberately denies the new sovereignist dynamic of Burkina Faso," the Ministry declared, condemning what it described as "serious inaccuracies" made without evidence and in a context unrelated to Burkina Faso.

The government criticised the U.S. general’s statement for lacking a factual basis and for casting doubt on Burkina Faso’s efforts toward transparent governance , particularly in the management of natural resources.

The Ministry emphasised that these comments, delivered before such a high-level body as the U.S. Senate, were not only unjustified but also damaging to the image and credibility of the Burkinabè state.

"Such light, unfounded, and eminently political remarks are all the more worrying because they were made... by a senior military official," the Ministry added.

In a formal rebuttal, the Ministry reaffirmed the government’s commitment under President Ibrahim Traoré to fight corruption and ensure that all revenues from the mining sector are channelled transparently into the national budget.

"All revenues from mining are now returned to the state coffers and are subject to rigorous and transparent management," the statement noted.

The Foreign Affairs Ministry stressed that the Traoré administration has taken decisive steps to clean up public governance and promote inclusive growth, countering any claims to the contrary.

Under the new law , all existing licenses issued by the Precious Minerals Marketing Company (PMMC) or the ministry responsible for mines to non-large-scale entities have been revoked. Going forward, only GoldBod and its officially licensed aggregators or service providers will be authorised to purchase or export ASM gold.

To ease the transition, GoldBod has granted a grace period until April 30 for currently licensed buyers to fulfil existing contractual obligations.

“All foreigners are hereby notified to exit the local gold trading market not later than April 30, 2025,” the official statement reads. “A foreigner may, however, apply to the GoldBod to buy or off-take gold directly from the GoldBod,” it added.

After this deadline, foreign nationals will be barred from participating in local gold trading activities, although they may still apply to become authorised off-takers of GoldBod through a formal licensing process beginning April 22, 2025.

The move comes amid Ghana’s efforts to curb rampant gold smuggling, which has cost the country hundreds of millions in lost revenue, and to gain greater control over one of its most lucrative industries. Ghana is Africa’s top gold producer and recently became the sixth-largest gold producer in the world , following a 53% surge in gold exports last year.

With gold prices up over 23% in 2025 amid global economic uncertainty and trade tensions, the government sees an opportunity to maximise earnings by consolidating and regulating ASM gold flows through a centralised system.

The Ministry of Agriculture and Environment said 17 of the deposits are large, 43 are medium, and 50 are small.

The findings came from a government project that began in 2017 to study the region’s mineral resources and create a detailed geological map.

Deputy Minister of Agriculture and Environment Tran Quy Kien said the northwest region is important for Vietnam’s economy , environment, and security.

He urged local authorities to use the geological data to plan for economic growth and attract investment.

"This is a great opportunity for the region, but we need to ensure that mining is sustainable," he was quoted by Tuoitre News .

The survey also identified seven areas with deep mineral potential and predicted 15 zones with valuable rocks. It included detailed studies on geothermal energy in Dien Bien, Lai Chau, and Son La provinces.

Despite the discoveries, Vietnam faces challenges in using its mineral resources effectively. Authorities want to make sure mining benefits the region without harming the environment.

Governor Purusi revealed that the arrests were the result of a secretive operation prompted by a tip-off. 

He added that some of these dealers in precious metals enjoyed good relations with influential people in the capital, Kinshasa, and this was why the mission to carry out these latest arrests had to be kept quiet.

Eastern DR Congo is rich in natural resources, including gold, diamonds, and minerals essential for mobile phones and electric vehicles. However, the region's wealth has long been a source of conflict. Since the colonial era, DR Congo's minerals have been exploited by foreign groups, fuelling instability.

Militia groups control many mines in the area, using the proceeds to fund their activities. 

These activities have fuelled a cycle of violence and conflict by financing militias and terrorist groups and have contributed to forced child labour and environmental devastation. 

The arrests come amid heightened scrutiny of illegal mining in the region. Last month, Governor Purusi criticised the release of 17 Chinese nationals who were arrested for operating an illegal gold mine in the province. The group, reportedly owing $10 million in taxes and fines, was allowed to return to China.

The ongoing mineral exploitation in DR Congo has drawn global attention, including a lawsuit filed by DR Congo against Apple last month. The Congolese government alleges that minerals from conflict areas are being laundered through international supply chains, fuelling violence and environmental harm. Apple, in response, stated it had ceased sourcing materials from both DR Congo and Rwanda.

DR Congo's Minister of Human Rights, Chantal Chambu Mwavita, recently called on the international community to impose sanctions and take decisive action against companies involved in the illegal trade of "blood minerals." She described the situation as a "terrible genocide" and urged global actors to intervene.

“We are asking the international community to do even more, not to limit itself to denunciation but to sanction and take a stand,” she told Global South World.

Gold mining is becoming a concern with nearly 90% of exported gold reportedly coming from illegal sources.

The report cited by AFP highlighted the environmental damage caused by mining, including mercury contamination at some sites, with levels exceeding safe limits by up to 160 times.

Recent research by  the World Gold Council  reveals significant increases in gold holdings by several countries, reflecting their proactive approach to economic stability. China has emerged as a leading buyer, maintaining a 15-month streak of gold purchases. This move aligns with Beijing's broader efforts to diversify its foreign exchange reserves and reduce reliance on the U.S. dollar. With global trade dynamics shifting and geopolitical risks on the rise, China's aggressive accumulation of gold underscores its commitment to securing its economy against external shocks.

Russia's focus on gold reflects its strategy to shield national wealth from the effects of dollar dependency and international sanctions. The country has prioritized building gold reserves as a way to counterbalance financial risks tied to geopolitical instability. Similarly, Turkey has significantly bolstered its gold reserves in response to domestic currency volatility and high inflation. Turkey is committed to fortifying its economic resilience in an increasingly unpredictable global environment by strengthening its holdings.

India has also made notable strides, adding 264.3 tonnes of gold to its reserves since 2015. As one of the world's fastest-growing economies, India views gold as a stabilizing force, supporting fiscal security while accommodating the demands of its expanding economic landscape. This steady accumulation highlights the Reserve Bank of India's long-term focus on preserving monetary stability.

Gold remains a cornerstone of central banks’ strategies for good reason. As inflation rises and global crises become more frequent, the precious metal offers unparalleled stability. According to the 2024 Central Bank Gold Reserves Survey, 29% of central banks plan to increase their gold holdings in the coming year, marking the highest level of intent recorded since 2018. This growing demand underscores the enduring appeal of gold as a hedge against economic uncertainty.

The surge in gold reserves signals a broader rethinking of how nations manage financial risk. Gold provides a universal safeguard in an era of debt crises, currency devaluations, and political instability. Its intrinsic value, independent of the complexities of fiat currencies, makes it an indispensable asset for central banks aiming to instil confidence in their economies and navigate turbulent times.

As global financial markets remain volatile, central banks are doubling their commitment to gold. The actions of nations like China, Russia, Turkey, and India reflect a growing consensus: in a world of increasing uncertainty, gold stands as a timeless symbol of stability and strength. The global gold rush is more than just a trend—it’s a testament to the enduring importance of tangible assets in preserving economic security.

They are part of a collection of African Gold from AngloGold Ashanti in South Africa and were housed in museums in Geneva, Cape Town and Pretoria for several years.

The gold artefacts were returned following an agreement with AngloGold Ashanti that was approved by the South African Reserve Bank.

 The objects will be formally presented this weekend at the Manhyia Palace, home to the Asantehene, Otumfuo Osei Tutu II in Kumasi, Ghana.

The event coincides with the centenary of his ancestor Nana Agyeman Prempeh I’s return from exile.

This year, the Manhyia Palace has received 67 restituted or loaned cultural objects from various institutions in total.

This is the highest recorded in Africa in recent years.

In February, the Fowler Museum at the University of California, Los Angeles, returned seven objects looted during the 1874 Anglo-Asante War. In March, 32 artefacts were restituted from the British Museum and the Victoria and Albert Museum.

Historian Ivor Agyeman-Duah said , "These objects are more than historical artefacts; they are spiritual symbols that connect us to our ancestors."

The Asantehene’s role as both a political and spiritual leader has made their return highly significant for traditional rites at the palace.

The open-pit mine is expected to operate for 15 years, producing around five million ounces of gold from 150 million tonnes of ore.

This new project marks the first major gold mine in northern Ghana, a greenfield site, following Newmont’s Akyem mine, which began in 2013.

Speaking at the inauguration, President Nana Akufo-Addo said the project highlights the potential of large-scale mineral exploration in the northern sector of the country. 

“It is investment in exploration, that led to the construction of this mine, which we are told today, will become the third largest mine in the country, and one of the largest single stream gold mines in West Africa,” he was quoted .

The president expressed confidence that the mine would boost investment opportunities and significantly contribute to the economy.

He was also hopeful it would generate employment for the local community.

Here are the top 10 countries with the most all-time gold medals at the Summer Paralympics:

These workers use acid to retrieve the gold from circuit boards.

Although it involves many health risks due to the exposure to these harmful chemicals in the process, the business is gradually growing.

The average working group in this business is able to retrieve around 150 grams of gold each month. The gold is then sold at local markets.

After the gold is retrieved, it goes through various processes to be refined after which it is purified and sold. It is sometimes used to make jewellry which is also sold on the market.

Central banks use this precious metal to settle international debts, with the quantity and value of gold varying by country.

Recently, a single gold bar surpassed the million-dollar mark , highlighting the wealth of nations with substantial reserves.

In this article, we will explore the 10 countries with the largest gold reserves.

United States of America - 8,133.46 tonnes of gold

Germany -3,352.65 tonnes of gold

Italy - 2,451.84 tonnes of gold

France - 2,436.97 tonnes of gold

Russia - 2,332.74 tonnes of gold

China - 2,235.39 tonnes of gold

Switzerland - 1,040.00 tonnes of gold

Japan - 845. 97 tonnes of gold

India - 803.58 tonnes of gold

Netherlands - 612.45 tonnes of gold

This surge in gold prices , which have risen more than 20% this year, is an indication that the Federal Reserve may soon cut its benchmark interest rate.

Antonio Ernesto Di Giacomo, a senior market analyst at XS said, “The historic rise in the price of gold above $2,500 per ounce reflects growing global economic uncertainty and investors’ continued search for safety. With economic, geopolitical, and monetary factors driving this surge, gold is solidifying its position as a safe haven in times of volatility,” he is quoted by the Guardian .

A factor contributing to gold’s record-breaking price is the increased demand from central banks, particularly in China, which are purchasing gold to reduce their reliance on the US dollar. 

Additionally, ongoing volatility in the stock market has made gold an attractive safe-haven asset, with analysts anticipating continued market instability throughout the remainder of 2024.

Hectronic and Diyar United Company have installed 1 million Automatic Vehicle Registration (AVR) systems and PetroPoint technology in the UAE, revolutionising the fuel industry. The systems have been installed at over 650 stations, representing 75% of the total number of stations in the country. According to Mobility Plaza , the partnership has been instrumental in achieving this milestone and demonstrates the reliability and functionality of the technology.

Influx of startups

Offline, a private members' community for scaled-up founders, has expanded to the UAE, marking its first venture outside India. Founded by Utsav Somani, the community aims to build a close-knit network of startup founders on a significant growth trajectory. Zawya reports that the UAE's booming funding rounds highlight its growing prominence as a tech hub, making it the perfect stage for Offline to expand. The community offers high-impact meetings, social experiences, speaker talks, masterclasses, and a 24/7 digital community for prompt advice and feedback. The community has quickly grown to nearly 100 members in India since its launch in January 2024, to reach 150 by the end of the year.

American brothers jailed

American brothers from Ohio, Joseph and Joshua Lopez, were sentenced to a month in prison in the UAE for consuming alcohol, a violation of the country's laws. They claim they were "drugged" during a yacht party, which led to their arrest. Their legal battle is ongoing, with a court hearing scheduled for August 20, as reported by Marca .

Gold rates in UAE

The latest gold rates in the UAE as of August 19, 2024, per gram are as follows: 24K AED (USD6,534) for 302.75, 22K AED (USD5,989) for 280.25, 21K AED (USD5,717) for 271.50, and 18K AED (USD4,900) for 232.75, according to Emirates247 . The UAE is a significant player in the global gold trade, with over a third of its imports consisting of gold reserves. The demand for gold in the UAE is driven by consumer purchases of jewellery. The nation's gold market is expected to face challenges from geopolitical and economic factors, but its strong infrastructure and governmental support point to a promising future. The purity of gold is measured in carats, with 24K representing pure gold.

Al Majed For Oud to list 30% stake

Saudi perfumer Al Majed For Oud plans to list 30% of its stake on the local bourse. The company will sell 7.5 million shares in an initial public offering and final pricing will be determined through a bookbuilding process. Al Majed For Oud, founded in 1956, has 237 stores in Saudi Arabia and 49 in the GCC region. It generated revenue of 767 million riyals ($204.4 million) last year, with a profit margin of 66.6%. ET Retail.com reports that this move is part of a trend of increased IPOs in the Gulf region, with companies in the MENA region raising $2.64 billion from 14 IPOs in the second quarter. Perfume retailer Arabian Oud is also reportedly looking to list in Saudi Arabia.

The sprinter was greeted by excited crowds at the airport in Gaborone, where families, elderly people, and young supporters waved the national flag.

Hundreds of people gathered at the small airport to celebrate Tebogo, who won the men’s 200m in Paris on August 8 with an African record time of 19.46 seconds, defeating American sprinters Kenny Bednarek and Noah Lyles.

Tebogo, 21, became the first African to win the men's 200m. He also won a silver medal in the men’s 4x400m relay, bringing Botswana’s total Olympic medals to four.

Traditional dancers in animal skins and beads performed outside the airport, with celebrations continuing at the national stadium. The holiday declared by Botswana's President in honour of Tebogo's win on August 9 allowed the nation of 2.3 million to join in the festivities.

Tebogo’s gold is only the second Olympic medal in the men’s 200m for an African athlete, following Namibian Frankie Fredericks’ silver in 1996.

Located in Accra, the Royal Ghana Gold Refinery is a joint venture between India’s Rosy Royal Minerals and Ghana’s central bank, which holds a 20% stake.

The refinery can process up to 400 kilograms of gold each day. It will initially source gold dore from small-scale and artisanal miners before extending its services to large-scale mining operations.

At the opening ceremony, Vice President Mahamudu Bawumia described the refinery as marking “a new era” for Ghana. He said the facility would help curb gold smuggling and boost national earnings from gold.

"With the ability to refine our gold, we will be able to sell it at the appropriate price, enabling us to retain its economic value within our borders while creating numerous jobs for the youth," Bawumia said .

Ghana currently exports gold in raw form from licensed producers, and a significant amount from unregulated artisanal mining, known locally as galamsey, is smuggled out. The new refinery is expected to create 80-120 direct jobs and approximately 500 additional indirect jobs.

Last year, Ghana maintained its position as Africa’s top gold producer with an output of 4.03 million ounces, largely due to increased production from small-scale miners.

In 2020, gold contributed around 7.8 billion Ghanaian cedis (about $1.3 billion) to the country’s Gross Domestic Product (GDP).

The US is investigating a gold smuggling operation involving Colombia, Venezuela, and Guyana, with allegations of over 10,000 kilogrammes of gold being omitted from import and export declarations. Venezuela's former Minister of Natural Resources, Raphael Trotman, revealed that the investigation commenced during the previous People’s Progressive Party Civic (PPPC) administration and was halted when the new administration took office in 2020. US Ambassador Nicole Theriot also added that detailed information about the investigation into several individuals was not shared due to standard protocol. US agents are concerned that the proceeds from the sale of the illegally shipped gold were financing activities against the security and interests of the United States, as reported by Loop .

G7 advocates free and fair elections in Venezuela

Chiefs of the globe's seven most robust economies convened at the distinguished resort of Borgo Egnazia on Friday, pressing the Venezuelan leadership under Nicolás Maduro to conduct transparent and equitable elections on July 28, according to Merco Press . This includes the crucial step of welcoming international monitors to oversee the electoral proceedings. Furthermore, they appealed to Caracas to refrain from intensifying tensions with Guyana concerning the resource-abundant Essequibo territory. “We are deeply concerned about the current political, economic, and humanitarian crisis in Venezuela and the lack of progress in the implementation of the Barbados Agreement of October 2023,” read the G7's declaration signed by Canada, France, Germany, Italy, Japan, the United Kingdom and the United States.

Prisoners end hunger strike

On Tuesday, June 11, President Maduro named Julio García Zerpa, a seasoned lawyer and member of the National Assembly, as the new minister for prison affairs, succeeding Viceadmiral Celsa Bautista. The appointment came in the wake of a widespread hunger strike by inmates across multiple detention centres, calling for expedited judicial processes and better conditions of confinement. The Venezuelan government, responding to the protest, has pledged to hasten legal proceedings. The strike, which began on June 9 and involved thousands of prisoners from 51 facilities in 17 states, was called off on Thursday, June 13 after the government's intervention, reports Venezuelanalysis . These facilities span both prisons and temporary holding cells within police stations, as reported by the Venezuelan Prison Observatory (OVP), a non-governmental organisation.

Venezuela rejects hostile attitudes of Guyana

Venezuela's Executive Vice President, Delcy Rodríguez, declared on Friday, June 14 that the nation denounces the belligerent fervour of Guyana's President, Irfaan Ali, which poses a threat to the region's serenity and peace. In a statement released on her social media account, Rodríguez likened Ali to 'the Caribbean Zelensky,' drawing a parallel with the Ukrainian leader. "Venezuela repudiates the warring zeal of Irfaan Ali, who stands as the Caribbean Zelensky by threatening the tranquillity and peace of our region to venerate its American masters and Exxon Mobil. The Esequibo is from Venezuela, so it will be forever,” said the vice president as reported by Telesur .

Elimination of Unilateral Coercive Measures

In his Thursday, June 13 speech, Venezuelan Foreign Minister Yvan Gil called on the United Nations General Assembly to eliminate all 'unilateral coercive measures' enforced by the United States and its partners against developing countries. Addressing the assembly during a session focused on the scrutiny and disavowal of such punitive tactics, the Bolivarian envoy criticized the decade-spanning sanctions against Cuba as ineffective. He further insisted that the U.S. rescind these sanctions and exonerate Cuba from the list of nations accused of sponsoring terrorism, reports Telesur .

A majority of these markets are concentrated in Asia and Singapore’s closeness to these central banks also makes it a beneficiary.

“The center of gravity of the gold market has shifted east, with Singapore, fortuitously placed as the potential fulcrum of this new balance,” Fan was quoted by CNBC as saying at the Asia Pacific Precious Metals Conference held in Singapore.

Singapore is close to countries including China, Australia, Indonesia, the Philippines, Papua New Guinea and Laos which make up about 25% of the world’s gold mining supply centres .

While there’s a growing need for an official gold reserve center by central bankers globally, Singapore is projected to become an alternative to London and New York as a hub for central bank gold vaulting.

“Singapore is poised to lead the gold market in the future,” Fan said, elaborating that other factors contributing to Singapore’s important role in the future of the bullion market include the country’s commitment to political stability and removal of sales tax on investment gold.

Political stability and the removal of sales tax on investment gold are significant factors strengthening Singapore's position in the bullion market.

Since October 2012, the Singaporean government has exempted investment-grade precious metals from the Goods and Services Tax (GST), enhancing its status as a leading gold trading hub.

China stands out as the world's largest gold consumer, with its central bank being the top buyer in 2023, as it works to increase its gold reserves. Japan has also shown strong gold demand, posting the highest first-quarter gold jewelry demand since 2019, according to a WGC report. Similarly, South Korea recorded its largest quarterly increase in gold purchases in over two years.

This is the highest the country has recorded since the COVID-19 pandemic began.

An increase in small-scale mining accounts for the growth in gold production which managed to offset the decline in the large-scale sector. Output from small-scale miners surged by 70.6%, rising from 0.66 million ounces in 2022 to 1.1 million ounces in 2023.

According to the Ghana News Agency , the large-scale sector saw a decline, with production falling from 3.1 million ounces to 2.9 million ounces, a 4.9% decrease in 2022.

Gold output is expected to reach between 4.3 and 4.5 million ounces in 2024. New projects such as Newmont’s Ahafo North and Cardinal Resource’s Namdini Gold Mine are projected to promote these numbers.

In addition to gold, other mineral outputs are also expected to rise. Manganese production is projected to increase to 5 million tonnes, bauxite to between 1.2 million and 1.5 million tonnes, and diamond exports to approximately 220,000 to 250,000 carats.

Around 700 attendees, including farmers and potential re-migrants, met with Guyana Vice President Bharrat Jagdeo at an Open Day at the Arthur Chung Conference Centre in Guyana’s capital Georgetown. Participants were grouped based on their needs and concerns and had direct discussions with relevant ministers, according to local media Stabroek News . While some issues were not resolved on the spot, attendees were optimistic about receiving follow-up updates within a week. The event was praised as a move towards more responsive governance, providing people with the chance to interact directly with government representatives.

Residents receive land titles

Residents of Soesdyke-Timehri, a village located south of the nation’s capital Georgetown, received land titles marking a step towards formalising land ownership and community development. President Mohamed Irfaan Ali acknowledged the complexities of regularising communities along the Soesdyke Highway and announced additional support for beneficiaries, News Room Guyana reports. “Sometimes people believe this is a very simple exercise, but this is the complexity, and we are confronting this complexity in a way that is people-centred, where we can move you into value and improve your prospect of earning,” President Ali said. According to News Room, the government is dedicated to ensuring legal ownership for squatters, with alternative housing options for those who cannot be regularised. The area's growing potential, including mega tourism projects, has led to an increase in land applications.

First meeting of Guyana-France joint working group

The first meeting of the Guyana-France joint working group was held virtually on May 29, 2024, according to News Room Guyana . The discussions focused on cooperation in areas such as defence, regional security, climate change, food security, infrastructure, technology, and tourism. Both countries agreed to initiate programs in these areas and to meet again in the last quarter of 2024 to evaluate progress. The delegations committed to continued engagement to foster closer relations between Guyana and France.

Seized gold disguised as silver-plated jewellery

The Guyana Revenue Authority seized 240 ounces of gold disguised as silver-plated jewellery from three passengers at the Cheddi Jagan International Airport (CJIA) in Timehri, two of whom were US nationals and New York bound, Stabroek News reports. The gold, valued at over $560,000, was being smuggled out of Guyana without permits. The passengers were arrested and handed over to the police, with ongoing investigations to determine if they were part of a smuggling ring.

80 graduate from humanitarian mission classes

80 students graduated from Humanitarian Mission Guyana Inc.'s classes, including Cake Decoration, Information Technology, Sewing, and Cosmetology, as reported by Stabroek News . A board member at Humanitarian Mission Guyana Inc., Suresh Sugrim expressed pride in the graduates' achievements. “We are immensely proud of our graduating class and all that they have achieved,” Suresh Sugrim said.

These officials allegedly conspired with others to traffic about 26 tons of gold, according to a statement from the Attorney General’s Office released on Facebook.

“The Investigation Authority orders the arrest of the Director General of Customs Interest; and the leaders of the Interest Work at Misrata International Airport,” the statement read. The officials were accused of “intentionally contributing to the incident of achieving illicit material benefits for others, and causing damage to the national economy.”

The plot , which involved attempting to smuggle gold bars weighing approximately 25,875 kilograms currently valued at around $2 billion, was uncovered in December 2023. This discovery prompted an investigation by the Attorney General in January.

According to the Libyan Observer , leaked audio recordings of conversations between the Head of Misrata Airport Customs and a commander in the joint operations force revealed the involvement of both parties in the smuggling attempt.

The shipment of gold represents nearly a quarter of Libya’s gold reserves, which total about 116.6 tons, the fourth-highest in Africa, according to Bloomberg .

What they said

The Managing Director at The Gold Bullion Company said various metrics have contributed to the growth of gold reserves in these countries. "The world’s biggest gold nations do not thrive solely on their accumulated gold reserves but have devised various metrics beyond that. Countries including the United States, Germany, and Italy are among the top holders of gold reserves and continue to grow steadily as a part of their investment diversification strategy," she was quoted by The Economic Times India as saying.

Vietnam on May 7 celebrated the 70th anniversary of the Dien Bien Phu battle, which ended French colonial rule. The battle marked the collapse of colonialism worldwide. “The historic Dien Bien Phu victory is a remarkable event, not only for the Vietnamese revolution. It is also a monumental saga that inspired countries rising to fight for independence and freedom, marking the collapse of colonialism all over the world,” said Vietnam Prime Minister Pham Minh Chinh at the ceremony. French Defence Minister Sebastien Lecornu attended the commemorations, the first time a senior French official paid a visit to the site of the battle and took part in the commemorations, according to AP News .

Sustainable agriculture collaboration with Australia

Vietnam's Deputy Minister of Planning and Investment has requested support from the Australian Centre for International Agricultural Research (ACIAR) in optimising investment resources for sustainable agriculture and rural development. Vietnam's vision includes promoting efficient, sustainable agriculture with integrated multiple-value approaches, and the growth of green, organic, and circular agriculture. According to Vietnam Plus , the ACIAR has been assisting Vietnam since 1993 and is currently focused on climate change and emission reduction initiatives. The collaboration aims to ensure farmers' resilience in the face of climate change.

Highest gold demand since 2015

Vietnam's gold demand in the first quarter of the year reached its highest levels since 2015. This demand was driven by strong investment in gold bars and coins, as well as concerns about inflation and currency depreciation, Vietnam News reports. However, demand for gold jewellery declined. The global gold market also saw strong demand, driving the average gold price to a record high. According to Vietnam News, the State Bank of Vietnam's attempts to stabilise the domestic gold market have had limited success, as the price of gold continues to rise.

Three gold medals at Hong Kong Athletics Championship

Vietnam won three gold medals at the Hong Kong Athletics Championship. Nguyen Thi Oanh won gold in the women's 3,000m steeplechase and 5,000m events, while Bui Thi Loan took gold in the women's triple jump. Two other Vietnamese athletes won bronze medals. The team consisted of four athletes in total, Vietnam Plus reports.

Food poisoning affects over 500

Over 500 people in Vietnam fell victim to food poisoning with 12 in critical condition after eating sandwiches from a bakery in Long Khanh a city in Đồng Nai Province in Southeast Vietnam on April 30. Local authorities reported on May 6 that around 200 people had been discharged since the incident occurred. The bakery has been shut down and suspected of using spoiled ingredients as health officials begin official investigations, according to local media.

China

China’s gold influence is known globally. The country’s gold mining industry has made it a world leader in gold production, having overtaken South Africa in 2007. According to the World Gold Council , China has been the largest gold producer in the world for years in succession. The country has several big mines, with Shaxi Copper Mine, located in the province of Anhui being the largest gold mine as of 2022, based on production. The mine site is said to have produced an estimated 9,58,740 ounces of gold that year alone. China was producing 375.0 metric tonnes of gold per data provided by the World Gold Council as of 2022.

Russia

Russia is next. The country is known for its gold production, producing about 8% of gold globally. Polyus was the largest gold mining company in Russia in 2021, having produced approximately 84.5 metric tonnes of gold. Russia produces 324.7 metric tonnes of gold per data provided by the World Gold Council.

Australia

Australia is the third largest global producer of gold, producing 327.8 tonnes of gold. The country has rich mineral resources and an advanced mining industry with leading mining companies in Australia including Newmont, Newcrest Mining, Northern Star Resources, and Evolution Mining. The country’s gold fortunes are expected to reach 320 metric tonnes by 2023, according to Statista .

Canada

Canada is ranked as the fourth largest gold producer worldwide and 7 th in terms of gold reserves as of 2022. According to Statista, Ontario was the largest producer of gold in Canada in 2022, having produced roughly 93,168 kilograms of gold that year. The World Gold Council puts Canada’s most recent gold production capacity at 194.5 metric tonnes.

United States

The United States has its biggest gold produce coming from the state of Nevada. As a net exporter of gold, the U.S. produces 172.7 metric tonnes of gold. The European country is however experiencing a decline in production that began in 2019.

Ghana

Ghana has made a name as the only African country with the largest gold production record. With more than 32% increase in gold production, the West African country has won the first spot from South Africa as the leading gold producer in Africa. Ghana’s gold production is both in the small- and large-scale sectors, producing 127.0 tonnes of gold as of 2022 figures. The country has also become a gold exploration for many countries.

Peru

Gold mining has been a significant industry in Peru for years, and the country's rich mineral reserves contribute to its growth and ranking in global gold production. The country produces 125.7 metric tonnes of gold. In 2022, Compañia Minera Poderosa S.A. was the leading gold mine producer in Peru, accounting for 9.7 percent of the country's total production.

Indonesia

Gold mining in Indonesia is concentrated in various regions across the archipelago, with key mining areas including Papua, Sulawesi, Kalimantan, and Sumatra. The World Gold Council puts the country’s gold production at 124.9 metric tonnes as of 2022. But Statista pegs the country’s gold production at 110 metric tonnes as of 2023.

Mexico

Mexico boasts of being one of the biggest industrial gold mines in the world. As a significant player in the global mining industry, the Latin American country is ranked as the 9 th largest by the World Gold Council with gold production records of 124.0 metric tonnes.

Uzbekistan

Uzbekistan is rich in gold, producing 110.8 metric tonnes of gold. Muruntau, the world’s largest open-pit gold mine by area is located in the country. Uzbekistan positioned itself as a significant player in the global gold market, contributing 100 tonnes to the over 3,000 tonnes of gold produced worldwide in 2023, as per the data released by the US Geological Survey.

What they said

Dr Fatima Abubakar, an economist specialising in international finance, described the move as practical and apt towards safeguarding the country’s finances. "Nigeria's decision to repatriate its gold reserves from the United States is a strategic move in response to the uncertain economic outlook. With the US economy facing challenges such as high inflation and mounting debt, Nigeria is taking proactive measures to safeguard its wealth and strengthen its financial resilience," she said .

Ethiopia has launched its largest ICT-focused business incubator, a collaborative effort between the Ministry of Innovation and Technology and foreign companies, TV Brics reports. The incubator aims to nurture a new generation of entrepreneurs and advance the green economy, contributing to a more inclusive society. This initiative is essential for building a robust national startup ecosystem in Ethiopia.

Foreign ownership of Real Estate and Retail Sector

In a move to attract foreign investment, Ethiopia is planning to allow foreigners to own real estate in the country. Additionally, the government intends to amend existing laws to open up the retail sector to non-Ethiopians. These steps are part of a broader strategy to boost foreign capital inflows, stimulate economic growth, and create employment opportunities, local news report ARN said.

Major gold deposits in Ethiopia

Significant gold deposits exceeding 517 tons have been discovered in several regions of Ethiopia. The Ministry of Mines is actively supporting gold processing companies and developing new facilities to facilitate large-scale production. The country has set its sights on generating USD 512 million from gold, precious stones, lithium, and other sectors. However, there have been challenges in meeting the ambitious targets for foreign exchange earnings from gold production, 2merkato reports.

Transition to electric vehicles

The Ethiopian government has unveiled ambitious plans to import 439,000 electric vehicles over the next decade and establish more than 2,000 charging stations. According to local news outlet, English News , this strategic shift towards electric mobility is expected to lead to cost savings on fuel purchases and a reduction in pollution levels, particularly in urban centres. Private companies are also capitalising on this opportunity by importing and assembling electric vehicles within the country.

Humanitarian crisis in Tigray Region

The Tigray region of Ethiopia is facing a dire humanitarian situation due to the combination of conflict and drought. Approximately two million people are at risk of starvation and death, with twelve districts already experiencing severe drought conditions. While the government denies the imminent threat of famine, the affected residents are grappling with widespread challenges as they strive to survive, according to Channel 4 .

What they said

A statement from the military junta read, "This suspension follows the need to clean up the sector and reflects the government's desire to better organise the marketing of gold and other precious substances.” The junta further asserted that this action is aimed at addressing inefficiencies and guaranteeing that the nation's abundant natural resources contribute to the country's overall prosperity. This decision unfolds against a backdrop of heightened examination of artisanal mining practices. While these practices sustain the livelihoods of millions, they have faced criticism for causing environmental harm and playing a role in regional conflicts.

The country reported an annual loss of up to 7 tons of gold recording 2,423 kilos of gold exported in 2019 and 1,778.83 kilos in 2020, according to an official Extractive Industries Transparency Initiative (EITI) report.

According to the government, only 3,051 kilos of gold were legally exported a year before, with 12 to 15 tonnes smuggled according to an investigation carried out in Dubai, Madagascar’s main gold recipient.

This led to a loss of an estimated $945 million for the country.

In 2020, disparities between official data and real data on gold exports led to the suspension of exports. While world statistics showed 20 tonnes of gold exported, only 2 tonnes of gold were declared on Malagasy territory. 938 kg of gold was also officially declared exported while statistics from recipient countries indicated 2 to 3 tonnes of gold imports yearly from Madagascar.

The suspension was lifted in 2022, accompanied by a series of measures aimed at better regulation and clean-up of the sector by tracing the production process from extraction to exportation.

According to Madagascar Tribune , the government has also announced a project to build a gold refinery plant.

With these documents, the former minister ferried 13 kilos of gold into Uganda.

He is alleged to also have forged a receipt of US $ 30,000 bearing the logos of URA and tendered it to an unsuspecting Indian businessman from Mumbai in December 2023.

The said Indian, Pravine, according to Monitor , was in the capital of Uganda for some investments which he had replicated in DR Congo with plans to do the same in Ghana, Kenya, and Ethiopia.

He was contacted by the Kenyan politician about the said gold and after payment, he was issued the fake URA receipt.

Pravine who sought to cross-check the receipt with URA officials realized it was a forged one, leading to the tracking and arrest of Tarus.

After a seven-day investigation period, Tarus was arraigned before an Anti-corruption court presided over by Justice Esther Asiimwe in Kampala on Wednesday, January 10, and remanded in prison.

The ex-minister is expected to reappear in court to charges of gold smuggling, scamming, and forgery of URA’s documents.

He will face jail time of three years or a fine of US $ 10,000 if he is found guilty, according to Monitor .

The 57-year-old was deputy minister under the late President Mwai Kibaki’s administration and served as High Commissioner to Australia between 2009 and 2012. He has also served as Member of Parliament for Emgwen Constituency between 2003 and 2007.

Cairo has been witnessing several developments throughout the last months that would lead to easy access to the gold market and diversifying its investors in a bid to reduce reliability on the USD and divert interest to other saving assets.

Egypt has devalued its local currency against the USD three times since March 2022 and the current gold market revamp came when a fourth devaluation was expected in the weeks after the presidential race that ended in December 2023 after failure to contain the currency parallel market activity.

"When there is a need, there is a market," said economic expert Sherif el-Demerdash, "And there is a need to find a haven for personal savings among the people amidst the decreasing purchasing power and the decreasing value of the Egyptian Pound".

He added that fear from currency exchange rates is global and it's leading the world to head to gold investments considered a "wealth store" in light of troubled international markets.

For all of this, creating tools that would facilitate access to the gold market makes sense to El-Demerdash.

In December, an agreement between the gold manufacturer Dahab Masr and GuROW, an AI-compelled investment advisory mobile app was announced to leverage modern technologies empowering a financial community with premium knowledge and facilitating investing in gold. GuROW was founded by Arab Finance, Egypt’s oldest stock-market information portal and is defined as "Personal cash management advisor".

Earlier, Dahab Masr partnered with Kash Now, an Egypt-based digital payment app to offer online gold purchasing that will be home-delivered. Ex-gold merchant Ahmed Said believes it is better to purchase gold online through such mobile apps than in jewellery stores given their real-time prices that reflect market fluctuations.

In November, Gold ATMs were introduced in Egypt, after India and UAE , through gold manufacturer Master Gold Egypt in partnership with local fintech company Finway. Described as " Sign Of The Times " by the Enterprise daily newsletter, the machines were displayed at a gold expo before they were distributed in shopping malls with tightened security measures around them.  

Such innovative gold purchases require personal IDs contrary to purchasing invoices from gold shops where merchants can manoeuvre their real profit to evade taxes. Some gold buyers are sceptical to give their IDs fearing a state that acts as "Big Brother" watching who owns what and has the process under control. However, some experts just see it as a means to collect more taxes and develop the state's financial resources. 

According to Said, the keyword in the ID requirement is taxation. "Selling gold online means sellers issuing e-invoices. It is becoming organized so the state can increase its taxes collected," he explained.

Gold is a quick trading asset, Said concluded, adding that once a buyer purchases a gold bar or coin online, he can sell it the next day without an invoice, so tracking is not possible. 

Egypt's Assay and Weights Administration (AWA) held its first electronic auction for gold and silver to "generate more revenue streams for Egypt's treasury," according to the Supply Minister's advisor for gold industry affairs. 

In May, Egypt's first gold investment fund was launched by asset manager Azimut and investment company Evolve Holding. The fund issues investment certificates starting from EGP 10 (USD 0.32) that will be sold at post offices and can be redeemed in cash or gold.

Egypt has been exempting gold imports brought in by Egyptians abroad from customs as per the zero-custom initiative launched in May for an initial six months and later renewed for another six months.

Citing "the positive return in trying to control markets and restore stability and balance to prices," the initiative brought in around three tonnes of gold, according to Egypt Customs Authority.

The Ethiopia-China Tourism Promotion Forum has been held at the Embassy of Ethiopia in Beijing to promote Ethiopia's heritage sites and tourist sites to attract Chinese tourists to the East African nation. The event held on November 28 attracted over 274 participants from 214 tourism associations and tour operators, local media FanaBC reports. Representatives from the Ethiopian Ministry of Culture and the Chinese Ministry of Culture were all present at the forum, FanaBC reports.

National mining policy

Ethiopia has developed a national mining policy to harness its vast mineral resources and attract domestic and foreign investment. The policy aims to create a transparent regulatory environment, promote sustainable practices, and enhance local community engagement, the Ethiopia News Agency reports.  “We developed a new mine policy of international standard with support from global partners and by benchmarking the experiences of other countries. The policy will make our country more competitive. Especially foreign investors need predictable policies, and this policy will create favourable conditions for them,” the Ethiopian Minister of Mines is quoted by the Ethiopia News Agency.

Gold exploration

Scandinavian-based Ethiopian gold exploration company, Akobo Minerals, hit a gold ore body in an underground mine in western Ethiopia after 13 years of exploration, local media Addis Standard reports. The accomplishment places the business among the few mining companies that have successfully navigated the path from exploration to mining, which is a major turning point in the company's history, a representative of the company told the Addis Standard. Production will start at the pilot plant, and the main facility will be commissioned as soon as significant gold-containing material is extracted from the mine, Addis Standard reports.

Nile RBasin Commission

Ethiopia has planned to launch the Nile River Basin Commission by the end of 2023, despite Egypt's claims to historical rights over the Nile's waters. Ethiopia intends to advocate for adherence to the Cooperative Framework Agreement (CFA) among the Nile Basin States, which sets the standards for fair and sustainable utilisation of the Nile's resources, according to local media the Ethiopian Reporter .

Epidemic preparedness

The Ethiopian Ministry of Health has entered a cooperation agreement with Russia to receive support towards the East African nation’s epidemic preparedness capacity and the development of laboratories, FanaBC reported. According to the Russian health agency Rospotrebnadzor, the two nations will embark on joint scientific research.

The refinery is expected to have a production capacity of 150 tonnes per year and will produce its first gold ingots in 11 months, local media L'Observateur Paalga reports.

“For some time, gold has become the number one export product but we do not have control over this gold, whether it is research or production. Today we have decided to put a whole chain in place and with APEC we want to mine the gold ourselves,” Captain Ibrahim Traoré told journalists.

“Through this South-South cooperation and win-win partnership, all of its capacities and skills acquired over time will be mobilized and put at the service of this refinery. The gold produced will be of premium quality with 99.99% pure bars. It will be 24 carats according to international standards,” CEO of MARENA Gold, Ismaël Siby also said.