How The Gold Boom Is Fueling A Rise In Illegal Gold Mining In Africa

CNBC

Tens of billions of dollars of gold are illegally smuggled out of Africa each year. Ghana, one of the world's top gold producers, has seen the impact of that illegal mining. While the vast majority of world’s gold comes from large mining companies like Newmont, Barrick Gold and Agnico Eagle, gold is also a source of income for millions of small artisanal miners, a source of revenue for many African governments and the cause of human rights violations and environmental degradation. And gold prices are surging. In January 2024, spot gold rose to more than $2,600 an ounce. U.S. gold futures have seen similar levels. One reason for that growth, in difficult economic and geopolitical times, investors bet on gold for its ability to store value. So what do investors need to know about how gold is sourced, and will the price continue to soar? NBC's Zinhle Essamuah traveled to Ghana to find out what impact illegal mining is having in Africa and the global gold trade. Chapters: 0:00-3:05 Introduction 2:11-5:34 Chapter 1 - Ghana's gold boom 5:35-8:14 Chapter 2 - Global gold market 8:15-10:57 Chapter 3 - Sourcing gold Correspondent: Zinhle Essamuah Senior Managing Producer: Shawn Baldwin Edited by: Evan Lee Miller Produced and Shot by: Arleen Aguasvivas Senior Director of Video: Jeniece Pettitt Animation: Jason Reginato Producer: Comfort Woode » Subscribe to CNBC: https://cnb.cx/SubscribeCNBC » Subscribe to CNBC TV: https://cnb.cx/SubscribeCNBCtelevision About CNBC: From 'Wall Street' to 'Main Street' to award winning original documentaries and Reality TV series, CNBC has you covered. Experience special sneak peeks of your favorite shows, exclusive video and more. Want to up your AI skills and be more productive? Take CNBC’s new online course on “How to use AI to be More Successful at Work" to leverage AI at work, and in life. Sign up now and use coupon code EARLYBIRD for an introductory discount of 30% off $67 (+ taxes and fees) through February 11, 2025: https://cnb.cx/40jZlNX Connect with CNBC News Online Get the latest news: https://www.cnbc.com/ Follow CNBC on LinkedIn: https://cnb.cx/LinkedInCNBC Follow CNBC News on Instagram: https://cnb.cx/InstagramCNBC Follow CNBC News on Facebook: https://cnb.cx/LikeCNBC Follow CNBC on Threads: https://cnb.cx/threads Follow CNBC News on X: https://cnb.cx/FollowCNBC Follow CNBC on WhatsApp: https://cnb.cx/WhatsAppCNBC #CNBC How The Gold Boom Is Fueling A Rise In Illegal Gold Mining In Africa