Gold smuggling in Zimbabwe robs nation of billions
Smugglers and cartels bleed Zimbabwe’s economy dry through illicit gold trade.
HARARE, Zimbabwe (MNTV) – Zimbabwe is losing an estimated $1.5 billion annually due to rampant gold smuggling, according to a new report by AllAfrica.
Corrupt networks involving miners, middlemen, and officials are siphoning off the country’s most valuable natural resource.
Gold, Zimbabwe’s largest foreign exchange earner, is smuggled mainly to South Africa and the United Arab Emirates, bypassing official channels and depriving the government of critical revenue.
Investigations reveal that small-scale miners often sell their gold to unlicensed buyers who offer better prices than the state-run refinery.
“The scale of smuggling is staggering,” said an anti-corruption advocate in Harare.
“We are talking about billions that could rebuild hospitals, schools, and infrastructure.”
Authorities have promised to crack down on illicit trade, with new measures including tighter border controls and reforms at Fidelity Printers and Refiners, the country’s sole gold buyer.
However, critics argue that political elites are complicit in the smuggling networks, making genuine reform difficult.
International watchdogs are calling for greater transparency in Zimbabwe’s mining sector and for gold-importing nations to scrutinise their supply chains more closely.
Economists warn that unless Zimbabwe plugs these illicit outflows, it will struggle to revive its faltering economy, already weakened by hyperinflation, debt, and chronic unemployment.
For ordinary Zimbabweans, the looting of national wealth is a bitter pill. “Our gold should build our country, not enrich criminals,” said a teacher in Bulawayo.
As the government vows action, many remain sceptical. “We’ve heard promises before,” said an opposition MP.
“Without political will and accountability, the looting will continue.”
The stakes could not be higher.
For Zimbabwe, stemming the tide of gold smuggling could be the key to stabilizing its economy and restoring public trust in its leaders.
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