Global gold prices have gone through the roof this year, and African governments are moving fast to secure a bigger share of the windfall. With the metal climbing nearly 50% and smashing records above $3,800 an ounce, leaders across the continent are tightening controls to boost revenue and curb the smuggling that has long drained their economies.
The surge, fuelled by U.S.-China trade tensions, fears of an American government shutdown, and strong central bank demand, has cemented gold’s role as the world’s safe-haven asset. For Africa, home to some of the richest deposits, the challenge is making sure the profits stay within the continent instead of disappearing through illicit channels.
In the Democratic Republic of Congo, officials are alarmed at the scale of losses. Mines Minister Louis Watum revealed that over 60 tonnes of gold — worth more than $7 billion — are mined each year without touching state coffers. “We cannot allow such vast resources to keep vanishing,” he stressed, pointing to new investment agreements on the horizon.
Ghana, Africa’s top gold producer, is taking a different route by targeting small-scale miners. President John Mahama has doubled down on state purchases of artisanal output, setting a bold $12 billion revenue goal by 2026 if production from the sector can be formalised. Officials argue this will not only raise tax income but also tackle unsafe practices and environmental damage.
Mali, meanwhile, has taken the gloves off in its standoff with Canadian giant Barrick. The junta seized control of the Loulo-Gounkoto mine, accusing the company of unpaid taxes and legal breaches — claims Barrick denies. The showdown reflects wider tensions as governments rewrite mining codes to capture more of the booming market.
But experts warn of risks. Abrupt policy shifts may scare off investors, threatening future production. “Governments are right to want a bigger slice, but too much pressure could backfire,” one West African analyst cautioned.
For now, though, the gold rally is reshaping power dynamics between states, miners, and global markets. Whether it’s a sustainable boom or a bubble waiting to burst, Africa is determined to hold tighter to its most glittering treasure.
