Conclusions

Mining is a foundation industry and the gold industry is of particular importance for the economies of a large number of countries in Africa, Asia and Latin America. For Burkina Faso, Guyana, Mali and Suriname, for instance, gold exports fetched the largest revenues in 2012–2013, accounting for more than 40 per cent of their total merchandise export revenues. However, some exporting countries were not able to take advantage of the recent rise in gold prices to reduce their poverty and generate substantial resources to finance their development programmes. The following are among the major challenges facing gold-producing countries in this respect: (1) a lack of transparency and poor governance in the mining sector, (2) the potential short-term and long-term negative impacts of the gold industry on the environment and local populations, and (3) the volatility and unpredictability of gold revenues.

Sustainable Development Goals:

Decent Work and Economic Growth

Responsible Consumption and Production