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These are the user uploaded subtitles that are being translated: 1 00:00:18,960 --> 00:00:22,159 Welcome to Global Eye from the BBC World Service. 2 00:00:22,160 --> 00:00:25,999 Every week, we bring you the best in the World Service's 3 00:00:26,000 --> 00:00:28,879 investigative journalism, as well as unmissable reporting 4 00:00:28,880 --> 00:00:31,439 from BBC teams around the globe. 5 00:00:31,440 --> 00:00:34,560 I'm Aleem Maqbool, and this week we're in Ghana. 6 00:00:36,200 --> 00:00:39,719 The wounds of slavery are still raw here 7 00:00:39,720 --> 00:00:41,399 and Ghana's led calls 8 00:00:41,400 --> 00:00:44,519 for financial reparations for the slave trade. 9 00:00:44,520 --> 00:00:49,200 But will it require more than just money to heal generational trauma? 10 00:00:50,440 --> 00:00:52,079 Also on the programme, 11 00:00:52,080 --> 00:00:55,519 BBC Eye gets exclusive access to Interpol officers 12 00:00:55,520 --> 00:00:58,479 as they help a father in Sierra Leone search 13 00:00:58,480 --> 00:01:02,639 for his children and hunt down the traffickers who took them. 14 00:01:07,880 --> 00:01:12,079 And we'll find out why the price of gold reached record highs this year, 15 00:01:12,080 --> 00:01:15,320 and why that might be bad news for the state of the world. 16 00:01:17,600 --> 00:01:21,959 In recent months in particular, Ghana has been at the forefront of 17 00:01:21,960 --> 00:01:26,799 a landmark global campaign on the issue of reparations, 18 00:01:26,800 --> 00:01:30,199 calling for institutions and nation states around 19 00:01:30,200 --> 00:01:33,799 the world that benefited from the transatlantic slave trade 20 00:01:33,800 --> 00:01:35,959 to acknowledge their complicity, 21 00:01:35,960 --> 00:01:41,519 to apologise for it and to start to make financial amends. 22 00:01:41,520 --> 00:01:45,359 It is a campaign that is gaining considerable traction. 23 00:01:45,360 --> 00:01:48,599 But why is Ghana leading this charge? 24 00:01:48,600 --> 00:01:51,799 What, in practical terms, is it asking for? 25 00:01:51,800 --> 00:01:54,079 And will anything really be achieved, 26 00:01:54,080 --> 00:01:58,800 given the vehement opposition from some people to it? 27 00:02:05,440 --> 00:02:07,359 Well, we've come a few hours' drive 28 00:02:07,360 --> 00:02:11,319 from Accra to Cape Coast Castle, and this is, 29 00:02:11,320 --> 00:02:14,119 without exaggeration, one of the most haunting, 30 00:02:14,120 --> 00:02:16,679 most moving places I've ever been to. 31 00:02:16,680 --> 00:02:20,119 It was run from the 17th century by the British, 32 00:02:20,120 --> 00:02:24,559 and this is where huge numbers of enslaved people 33 00:02:24,560 --> 00:02:27,279 were forced from all over West Africa. 34 00:02:27,280 --> 00:02:28,919 Why were they brought here? 35 00:02:28,920 --> 00:02:32,920 Well, this is a spot that juts out into the Atlantic Ocean. 36 00:02:41,400 --> 00:02:43,119 Before they were put on ships, 37 00:02:43,120 --> 00:02:48,879 this dank dungeon is where the female slaves were held, 38 00:02:48,880 --> 00:02:52,479 and it is difficult to describe the emotion you feel 39 00:02:52,480 --> 00:02:57,719 knowing the suffering and fear there was here. 40 00:02:57,720 --> 00:03:03,239 Now, there has been a big push for Britain to truly acknowledge 41 00:03:03,240 --> 00:03:07,719 what happened here and to many, many other slaves. 42 00:03:07,720 --> 00:03:09,279 But there's also been a push 43 00:03:09,280 --> 00:03:12,399 for British institutions to do the same thing. 44 00:03:12,400 --> 00:03:14,159 It's why the Archbishop of Canterbury, 45 00:03:14,160 --> 00:03:18,679 Dame Sarah Mullally, leader of the Church of England, visited here. 46 00:03:18,680 --> 00:03:20,359 When they stepped out, they were chained 47 00:03:20,360 --> 00:03:22,759 and waited in line till they got a sizeable group, 48 00:03:22,760 --> 00:03:24,599 and then they were marched through that door. 49 00:03:24,600 --> 00:03:27,160 So that door became known as the Door of No Return. 50 00:03:28,200 --> 00:03:31,639 The church's missionary wing ran slave plantations, 51 00:03:31,640 --> 00:03:34,599 individual clergy owned slaves, 52 00:03:34,600 --> 00:03:37,559 the church accepted money from slave traders 53 00:03:37,560 --> 00:03:41,039 and invested directly in the trade. 54 00:03:41,040 --> 00:03:45,119 Well, this is that door of no return through which slaves 55 00:03:45,120 --> 00:03:47,199 were marched, often dragged. 56 00:03:47,200 --> 00:03:51,439 And when Dame Sarah Mullally came here, she was full of emotion. 57 00:03:51,440 --> 00:03:55,119 She felt moved to pray at this door as well. 58 00:03:55,120 --> 00:03:58,399 And she said all of this made her reflect 59 00:03:58,400 --> 00:04:03,639 on the responsibility of the institution she now leads 60 00:04:03,640 --> 00:04:05,199 in all of this suffering. 61 00:04:05,200 --> 00:04:08,239 We have to recognise that, as a church, we played that part. 62 00:04:08,240 --> 00:04:10,479 We have to apologise for that. 63 00:04:10,480 --> 00:04:12,359 Part of the Christian belief 64 00:04:12,360 --> 00:04:15,359 in repentance is, when you repent, you turn round. 65 00:04:15,360 --> 00:04:16,999 There's something about action. 66 00:04:17,000 --> 00:04:21,039 That action comes in the way of a £100 million fund 67 00:04:21,040 --> 00:04:23,839 the church has committed to help make amends, 68 00:04:23,840 --> 00:04:27,639 but there's a push for nations to commit to reparations. 69 00:04:27,640 --> 00:04:29,959 Well, earlier this year, at the United Nations, 70 00:04:29,960 --> 00:04:32,759 Ghana tabled a resolution to recognise 71 00:04:32,760 --> 00:04:37,839 the transatlantic slave trade as the greatest crime against humanity. 72 00:04:37,840 --> 00:04:39,919 That resolution was passed, 73 00:04:39,920 --> 00:04:43,679 but that's in spite of the fact that all European nations 74 00:04:43,680 --> 00:04:45,839 abstained from the vote. 75 00:04:45,840 --> 00:04:50,079 Nevertheless, why is it that Ghana is leading this charge? 76 00:04:50,080 --> 00:04:58,039 Ghana was the crime scene where these atrocities took place. 77 00:04:58,040 --> 00:05:02,639 More than 12.5 million Africans forcibly removed, 78 00:05:02,640 --> 00:05:06,559 torn from their families, from homes, from villages. 79 00:05:06,560 --> 00:05:10,119 Ghana cannot afford 80 00:05:10,120 --> 00:05:15,039 to be silent on this consequential matter, 81 00:05:15,040 --> 00:05:19,719 which has to do with historical justice. 82 00:05:19,720 --> 00:05:25,159 Well, you had those oppressors, those who profited, 83 00:05:25,160 --> 00:05:28,879 who were from some tribes here in Ghana themselves. 84 00:05:28,880 --> 00:05:33,439 Look, the entire transatlantic enslavement and chattel enslavement 85 00:05:33,440 --> 00:05:37,639 of Africans was designed, choreographed, 86 00:05:37,640 --> 00:05:40,999 curated by the West. 87 00:05:41,000 --> 00:05:45,919 So we don't buy that argument. There's just a few, you know, 88 00:05:45,920 --> 00:05:50,959 elements who were coerced by those who designed the system, 89 00:05:50,960 --> 00:05:53,799 but it doesn't make Africans culpable. 90 00:05:53,800 --> 00:05:57,639 Well, some tribal leaders here have apologised 91 00:05:57,640 --> 00:06:01,199 for the complicity of their ancestors in the slave trade, 92 00:06:01,200 --> 00:06:04,919 like King Tackie Teiko Tsuru II, of the Ga people 93 00:06:04,920 --> 00:06:07,359 who spoke to us in a rare interview. 94 00:06:07,360 --> 00:06:12,280 I still stand on the same point of apologising... 95 00:06:14,360 --> 00:06:17,920 ...on behalf of all traditional authority... 96 00:06:19,400 --> 00:06:24,720 ...my ancestors and forebears for the part they also played... 97 00:06:26,360 --> 00:06:30,439 ...in the slavery of our brothers and sisters. 98 00:06:30,440 --> 00:06:36,639 Does that mean that some tribes here 99 00:06:36,640 --> 00:06:39,999 need to think about what they can do in terms of reparations? 100 00:06:40,000 --> 00:06:44,399 Yes, I believe that we... 101 00:06:44,400 --> 00:06:49,319 must go beyond the aspect of an apology. 102 00:06:49,320 --> 00:06:52,639 So that is the way you yourself are thinking... Yes. 103 00:06:52,640 --> 00:06:55,119 ...about what you can contribute. 104 00:06:55,120 --> 00:06:57,319 That we can contribute. 105 00:06:57,320 --> 00:07:00,119 Well, another dimension to Ghana's campaign 106 00:07:00,120 --> 00:07:04,679 is to try to attract people from the diaspora to return, 107 00:07:04,680 --> 00:07:07,599 as they call it, to West Africa. 108 00:07:07,600 --> 00:07:10,279 And so that has been going on for the last few years, 109 00:07:10,280 --> 00:07:13,199 particularly attracting a lot of African Americans, 110 00:07:13,200 --> 00:07:14,799 a lot of them you see 111 00:07:14,800 --> 00:07:18,199 and hear around this arts market in Accra. 112 00:07:18,200 --> 00:07:20,199 This is really... You're talking about catering 113 00:07:20,200 --> 00:07:21,439 for an American... Exactly. 114 00:07:21,440 --> 00:07:24,879 ...African American market. Yeah, yeah. Wow. 115 00:07:24,880 --> 00:07:28,039 And it is an art market that's changed. 116 00:07:28,040 --> 00:07:31,319 We're here to meet Yaw Asare, an academic researcher, 117 00:07:31,320 --> 00:07:35,719 but one who used to work at Ghana's diaspora office. 118 00:07:35,720 --> 00:07:37,599 He's loved the gathering 119 00:07:37,600 --> 00:07:40,359 of black people from all over the world here, 120 00:07:40,360 --> 00:07:43,839 but says reparations and this project to bring back 121 00:07:43,840 --> 00:07:48,799 the diaspora should be about repair, not bringing in cash. 122 00:07:48,800 --> 00:07:51,399 We are dealing with humans. We are dealing with people, 123 00:07:51,400 --> 00:07:54,839 you know, who as a result of, you know... 124 00:07:54,840 --> 00:07:56,719 So we cannot reduce them to, 125 00:07:56,720 --> 00:08:01,119 oh, come see this site, pay this much, and then... 126 00:08:01,120 --> 00:08:04,319 So I would say the excessive focus on tourism. 127 00:08:04,320 --> 00:08:08,119 And I thought that maybe that would have been a good time 128 00:08:08,120 --> 00:08:12,799 for us to also deal with some things that morally are not right. 129 00:08:12,800 --> 00:08:16,279 Like, for example, why should a diasporic African pay 130 00:08:16,280 --> 00:08:19,119 as much as a white person in the slave dungeons? 131 00:08:19,120 --> 00:08:23,799 Well, it is Yaw's view and the view of many other sociologists here 132 00:08:23,800 --> 00:08:28,439 that such is the generational fear in West Africa 133 00:08:28,440 --> 00:08:31,199 that, in spite of the vast lands that, for example, 134 00:08:31,200 --> 00:08:35,039 Ghana has, people here build their homes 135 00:08:35,040 --> 00:08:37,559 very closely together because they're worried 136 00:08:37,560 --> 00:08:41,639 that if they live away from the community, they could get taken. 137 00:08:41,640 --> 00:08:43,959 Now, reparations in the form 138 00:08:43,960 --> 00:08:47,439 of money might help in some capacity, 139 00:08:47,440 --> 00:08:51,559 but it's clearly going to take much more than just cash 140 00:08:51,560 --> 00:08:54,840 to repair trauma as deep as that. 141 00:08:58,040 --> 00:09:01,319 Now, human trafficking scams promising jobs abroad 142 00:09:01,320 --> 00:09:04,079 in exchange for money are increasingly being 143 00:09:04,080 --> 00:09:06,119 detected across West Africa, 144 00:09:06,120 --> 00:09:09,759 including here in Ghana and also in Sierra Leone. 145 00:09:09,760 --> 00:09:13,079 The victims often spend thousands of dollars 146 00:09:13,080 --> 00:09:15,559 on jobs that never materialise, 147 00:09:15,560 --> 00:09:17,319 and are also then held captive 148 00:09:17,320 --> 00:09:21,319 and coerced into recruiting friends and family. 149 00:09:21,320 --> 00:09:23,919 BBC Eye has been given exclusive access 150 00:09:23,920 --> 00:09:27,039 to Interpol and the Sierra Leone police 151 00:09:27,040 --> 00:09:30,279 as they target the trafficking networks and also try 152 00:09:30,280 --> 00:09:33,999 to help one father find his missing children. 153 00:09:34,000 --> 00:09:38,520 Saidu Bah reports from Makeni in Sierra Leone's northern province. 154 00:09:44,960 --> 00:09:47,079 Young people across West Africa 155 00:09:47,080 --> 00:09:49,720 are becoming victims of a trafficking scam. 156 00:09:51,840 --> 00:09:54,519 The scam works like this - young people 157 00:09:54,520 --> 00:09:59,959 are lured in by offers of work in America, Canada, Dubai or Europe, 158 00:09:59,960 --> 00:10:03,640 but first they have to pay large sums of money to join. 159 00:10:05,200 --> 00:10:07,119 Once they've paid, they are trafficked to 160 00:10:07,120 --> 00:10:09,039 a neighbouring country in West Africa. 161 00:10:09,040 --> 00:10:11,559 They are told that, before they can travel, 162 00:10:11,560 --> 00:10:14,199 they must recruit others, 163 00:10:14,200 --> 00:10:16,599 pretending to them that they've already 164 00:10:16,600 --> 00:10:18,800 travelled abroad and they are living the dream. 165 00:10:19,840 --> 00:10:22,799 Traffickers are pretending to be associated with 166 00:10:22,800 --> 00:10:26,159 a legitimate global brand called Qnet, 167 00:10:26,160 --> 00:10:30,480 which they are using as a front for their illegal activities. 168 00:10:32,080 --> 00:10:36,640 Qnet is a wellness and lifestyle company founded in Hong Kong. 169 00:10:41,680 --> 00:10:46,839 But its name has been a byword for this type of trafficking. 170 00:10:46,840 --> 00:10:50,039 We don't have official statistics on victims, 171 00:10:50,040 --> 00:10:53,119 but there seems to be hundreds in Makeni, 172 00:10:53,120 --> 00:10:55,639 a city in northern Sierra Leone. 173 00:10:55,640 --> 00:10:59,040 Some have come from Guinea, Ivory Coast and Mali. 174 00:11:01,440 --> 00:11:04,840 Two young Guineans have been missing for more than a year. 175 00:11:06,240 --> 00:11:09,799 They are believed to be victims of trafficking scam. 176 00:11:09,800 --> 00:11:12,559 Mahmoud Conteh from Sierra Leone's police 177 00:11:12,560 --> 00:11:16,199 has been asked by Interpol Guinea to rescue them. 178 00:11:16,200 --> 00:11:21,679 Their family has paid over 25,000 USD to the traffickers. 179 00:11:21,680 --> 00:11:25,080 A source tells him the young people may be in Makeni. 180 00:12:04,680 --> 00:12:10,439 Why do you think Makeni is becoming a hub for human trafficking? 181 00:12:10,440 --> 00:12:12,879 It's like Makeni is in the centre, 182 00:12:12,880 --> 00:12:15,079 almost in the centre of Sierra Leone, 183 00:12:15,080 --> 00:12:18,559 and it's very easy for traffickers 184 00:12:18,560 --> 00:12:22,479 to manoeuvre across each of our borders, 185 00:12:22,480 --> 00:12:25,079 at these illegal crossing points. 186 00:12:25,080 --> 00:12:29,079 The children's father has travelled across the border 187 00:12:29,080 --> 00:12:30,759 from Guinea to Makeni. 188 00:12:30,760 --> 00:12:35,439 His 18-year-old daughter and 22-year-old son were recruited 189 00:12:35,440 --> 00:12:37,159 from their remote village. 190 00:12:37,160 --> 00:12:42,519 His son has been sending the family messages begging for help. 191 00:13:11,680 --> 00:13:14,919 For weeks, the police source has been monitoring 192 00:13:14,920 --> 00:13:19,559 several locations where young people are known to be held captive. 193 00:13:19,560 --> 00:13:21,479 HE GIVES COMMAND 194 00:13:21,480 --> 00:13:24,279 Foday is joining the police on the raid. 195 00:13:24,280 --> 00:13:27,760 He is hoping to see his children for the first time in a year. 196 00:13:41,960 --> 00:13:43,000 OK. 197 00:13:48,520 --> 00:13:52,840 Hey, gentlemen. Stay inside. Stay. 198 00:13:58,440 --> 00:14:03,480 Inside, there is a large group of people, some as young as 14. 199 00:14:05,280 --> 00:14:08,039 They are mainly from neighbouring countries. 200 00:14:08,040 --> 00:14:10,519 It seems about ten to 15 people 201 00:14:10,520 --> 00:14:13,240 are sleeping on the floor in each room. 202 00:14:15,000 --> 00:14:16,800 There is no sign of the traffickers. 203 00:14:22,120 --> 00:14:26,560 Foday Musa asks around to see if anyone knows his children. 204 00:14:29,080 --> 00:14:32,599 But it becomes clear they are not here. 205 00:14:32,600 --> 00:14:35,120 One young man claims to have seen them. 206 00:14:43,920 --> 00:14:47,440 This is the first potential sighting we've had of them. 207 00:14:50,880 --> 00:14:53,639 The young people who have been found will be transferred 208 00:14:53,640 --> 00:14:55,999 to the police station for screening 209 00:14:56,000 --> 00:14:58,640 before being taken back to their home countries. 210 00:15:03,720 --> 00:15:07,279 While in Makeni, a survivor of a labour trafficking scam 211 00:15:07,280 --> 00:15:11,279 tells me she paid traffickers 1,000 USD 212 00:15:11,280 --> 00:15:13,160 hoping to travel to America. 213 00:15:14,560 --> 00:15:18,280 She wants to be anonymous for her safety. 214 00:16:37,280 --> 00:16:41,159 It has been three days of searching and raids, 215 00:16:41,160 --> 00:16:44,239 but Foday's children have not been found. 216 00:16:44,240 --> 00:16:47,199 The trafficking bosses then get in touch with the police. 217 00:16:47,200 --> 00:16:49,879 They want to secure the release of a gang member 218 00:16:49,880 --> 00:16:52,479 arrested in an earlier raid. 219 00:16:52,480 --> 00:16:54,559 The police use this opportunity 220 00:16:54,560 --> 00:16:56,999 to ask the release for these children. 221 00:16:57,000 --> 00:16:59,160 LINE RINGS 222 00:17:01,680 --> 00:17:03,200 Hello? 223 00:17:16,640 --> 00:17:18,000 Mm-hm. 224 00:18:23,280 --> 00:18:25,480 Yeah. 225 00:18:46,400 --> 00:18:50,199 The police say they will not accept money from the traffickers, 226 00:18:50,200 --> 00:18:52,040 and that it is just a tactic. 227 00:18:53,480 --> 00:18:56,559 But it is still shocking to me to see how easy 228 00:18:56,560 --> 00:19:00,360 it is for them to pick up the phone and negotiate in this way. 229 00:19:01,400 --> 00:19:04,079 If the police know who the bosses are, 230 00:19:04,080 --> 00:19:06,799 and have an open line of communication, 231 00:19:06,800 --> 00:19:10,120 it begs the question - why are they not arresting them? 232 00:19:15,040 --> 00:19:17,719 They plan to meet face-to-face with the traffickers 233 00:19:17,720 --> 00:19:19,319 never materialises, 234 00:19:19,320 --> 00:19:22,200 and Foday returns to Guinea without his children. 235 00:19:23,840 --> 00:19:27,759 After five days, time and money have run out 236 00:19:27,760 --> 00:19:31,080 and Mahmoud and his team must return to Freetown. 237 00:19:34,880 --> 00:19:38,519 Shortly after their last raid, the police received news 238 00:19:38,520 --> 00:19:41,080 that the traffickers have released Foday's children. 239 00:20:07,000 --> 00:20:08,440 HORN TOOTS 240 00:20:14,040 --> 00:20:16,799 A few weeks later, Foday's daughter confirms 241 00:20:16,800 --> 00:20:21,399 she is back in Guinea, but she has not returned to her village. 242 00:20:21,400 --> 00:20:24,080 He still doesn't know where his son is. 243 00:20:40,000 --> 00:20:41,279 Sierra Leone police says 244 00:20:41,280 --> 00:20:44,440 it has conducted over 20 raids in the last year... 245 00:20:45,880 --> 00:20:48,840 ...rescuing hundreds of victims of human trafficking. 246 00:20:51,280 --> 00:20:53,559 While we don't know the exact reasons 247 00:20:53,560 --> 00:20:56,319 why Foday's children haven't gone home, 248 00:20:56,320 --> 00:20:59,919 we do know that many young people who have been trafficked 249 00:20:59,920 --> 00:21:01,919 are often scared to return 250 00:21:01,920 --> 00:21:05,160 due to the shame and stigma of being scammed. 251 00:21:06,600 --> 00:21:08,919 You can watch the full-length documentary, 252 00:21:08,920 --> 00:21:11,759 Hunting The Traffickers, on BBC iPlayer 253 00:21:11,760 --> 00:21:14,520 and on the BBC World Service YouTube channel. 254 00:21:16,800 --> 00:21:19,159 Here's some more World Service content 255 00:21:19,160 --> 00:21:20,999 that made an impact this week. 256 00:21:21,000 --> 00:21:24,119 In the wake of the powerful earthquake that struck Colombia, 257 00:21:24,120 --> 00:21:28,199 BBC Mundo provided comprehensive coverage of the aftermath. 258 00:21:28,200 --> 00:21:32,319 Alongside in-depth analysis of the science behind the tragedy, 259 00:21:32,320 --> 00:21:35,679 Mundo gathered dramatic testimony from survivors, 260 00:21:35,680 --> 00:21:39,199 and was at the front line of Colombia's rescue effort. 261 00:21:39,200 --> 00:21:41,359 You can find BBC Mundo stories, 262 00:21:41,360 --> 00:21:44,919 videos and live streams on its official website 263 00:21:44,920 --> 00:21:47,560 and on the BBC Mundo YouTube channel. 264 00:21:50,160 --> 00:21:53,799 For centuries, gold has been mined in Ghana. 265 00:21:53,800 --> 00:21:57,999 It remains one of Africa's biggest gold producers. 266 00:21:58,000 --> 00:22:01,399 But now, in an increasingly uncertain world, 267 00:22:01,400 --> 00:22:06,119 the strategic global importance of gold is rising once again. 268 00:22:06,120 --> 00:22:10,519 In an age of electronic payments and digital currencies, 269 00:22:10,520 --> 00:22:13,599 there is a modern gold rush under way. 270 00:22:13,600 --> 00:22:16,759 In 2025 and in early 2026, 271 00:22:16,760 --> 00:22:20,799 the price of gold reached unprecedented levels. 272 00:22:20,800 --> 00:22:24,879 So what's behind this scramble, and what can gold tell us about 273 00:22:24,880 --> 00:22:28,319 the changing geopolitics of the 21st century? 274 00:22:28,320 --> 00:22:32,319 The World Service's global journalism team has more. 275 00:22:32,320 --> 00:22:36,999 Before money was paper or plastic, a lot of it was actually gold. 276 00:22:37,000 --> 00:22:39,679 These coins are thought to be among the first-ever minted, 277 00:22:39,680 --> 00:22:41,759 in the sixth century BC. 278 00:22:41,760 --> 00:22:45,520 They were used by the ancient Lydian society in what's now Turkey. 279 00:22:47,400 --> 00:22:50,879 Gold was easier to carry and trade with than, say, cattle or timber. 280 00:22:50,880 --> 00:22:55,439 And exchanging coins for goods helped expand global trade routes. 281 00:22:55,440 --> 00:22:57,919 Fast forward to the late 1800s, 282 00:22:57,920 --> 00:23:00,639 when gold started to be swapped for cash. 283 00:23:00,640 --> 00:23:02,719 This was known as the gold standard, 284 00:23:02,720 --> 00:23:04,719 when a fixed amount of local currency 285 00:23:04,720 --> 00:23:07,399 was equivalent to an ounce of gold. 286 00:23:07,400 --> 00:23:11,119 One of the quirks of the gold standard is that in many countries, 287 00:23:11,120 --> 00:23:13,039 it was illegal to own gold. 288 00:23:13,040 --> 00:23:15,119 So in 1933, 289 00:23:15,120 --> 00:23:17,479 President Roosevelt called in all the gold 290 00:23:17,480 --> 00:23:20,479 that was owned by private citizens in the United States. 291 00:23:20,480 --> 00:23:24,359 The United States must take firmly in its own hands 292 00:23:24,360 --> 00:23:28,399 the control of the gold value of our dollar. 293 00:23:28,400 --> 00:23:32,519 Then, in 1944, the global benchmark shifted. 294 00:23:32,520 --> 00:23:34,719 World leaders met and decided their currencies 295 00:23:34,720 --> 00:23:36,119 would be pegged to the dollar, 296 00:23:36,120 --> 00:23:39,520 and it would be backed by gold at $35 an ounce. 297 00:23:40,520 --> 00:23:43,559 The US dollar struggled to sustain that fixed price, 298 00:23:43,560 --> 00:23:47,879 especially because of the economic turmoil of the Vietnam War. 299 00:23:47,880 --> 00:23:52,479 In 1971, President Richard Nixon made this announcement. 300 00:23:52,480 --> 00:23:55,319 I have directed Secretary Connally to suspend temporarily 301 00:23:55,320 --> 00:23:58,239 the convertibility of the dollar into gold. 302 00:23:58,240 --> 00:24:02,599 But the move was permanent and ended the gold standard. 303 00:24:02,600 --> 00:24:06,639 It was only in 1974 that US citizens were able to buy gold again. 304 00:24:06,640 --> 00:24:08,719 Other countries were able to own it, 305 00:24:08,720 --> 00:24:11,759 but it certainly was nowhere near as accessible 306 00:24:11,760 --> 00:24:14,479 as it has become over the last couple of decades. 307 00:24:14,480 --> 00:24:18,839 Finally available to buy on the market, prices started to rise. 308 00:24:18,840 --> 00:24:20,880 And something interesting happened. 309 00:24:22,120 --> 00:24:24,799 You'll notice a number of spikes - 310 00:24:24,800 --> 00:24:28,119 this one after the Iranian revolution, 311 00:24:28,120 --> 00:24:32,119 then this steep curve following the 2008 financial crash, 312 00:24:32,120 --> 00:24:35,080 peaking after the Eurozone crisis in 2010. 313 00:24:36,200 --> 00:24:40,399 This blip in 2020, that's the Covid pandemic. 314 00:24:40,400 --> 00:24:43,159 Each spike can be traced back to a particular economic 315 00:24:43,160 --> 00:24:45,039 or political shock. 316 00:24:45,040 --> 00:24:47,679 And the biggest peak of all - 2026. 317 00:24:47,680 --> 00:24:49,999 More on that later. 318 00:24:50,000 --> 00:24:52,199 People buy gold in times of crisis 319 00:24:52,200 --> 00:24:55,239 because it's what's known as a safe haven asset. 320 00:24:55,240 --> 00:24:57,279 There are a few reasons for this. 321 00:24:57,280 --> 00:25:00,239 People think of gold as a safe haven because it's not connected 322 00:25:00,240 --> 00:25:01,959 to one particular government 323 00:25:01,960 --> 00:25:05,839 or one particular economy or one particular market. 324 00:25:05,840 --> 00:25:07,599 And, as we mentioned earlier, 325 00:25:07,600 --> 00:25:09,839 there's a more or less fixed amount of gold. 326 00:25:09,840 --> 00:25:12,799 Unlike paper money, you can't just print more. 327 00:25:12,800 --> 00:25:16,519 It can't be created and fabricated out of thin air, through alchemy. 328 00:25:16,520 --> 00:25:18,919 And so this sort of controls the supply 329 00:25:18,920 --> 00:25:23,079 and sustains an underlying value behind the demand for gold. 330 00:25:23,080 --> 00:25:25,639 And the biggest buyers are countries. 331 00:25:25,640 --> 00:25:29,839 This is how much is held by the top ten central banks. 332 00:25:29,840 --> 00:25:32,599 The United States has the most gold - 333 00:25:32,600 --> 00:25:37,079 nearly as much as Germany, Italy and France combined. 334 00:25:37,080 --> 00:25:40,679 But many countries are increasing their stockpiles. 335 00:25:40,680 --> 00:25:43,239 Poland and China added around 300 tonnes, 336 00:25:43,240 --> 00:25:46,520 while India and Turkey also purchased significant amounts. 337 00:25:47,800 --> 00:25:49,279 If there's an economic shock, 338 00:25:49,280 --> 00:25:52,039 it's a central bank's job to soften the blow. 339 00:25:52,040 --> 00:25:55,119 And gold can be an extremely useful tool. 340 00:25:55,120 --> 00:25:57,239 Gold's not just a pile of shiny bricks 341 00:25:57,240 --> 00:25:59,239 that looks good in your bank vault. 342 00:25:59,240 --> 00:26:02,519 It's a genuine financial asset that you can use in times of crisis. 343 00:26:02,520 --> 00:26:04,799 And that's exactly what's happening at the moment. 344 00:26:04,800 --> 00:26:07,479 Again, this is a pattern we see in the data - 345 00:26:07,480 --> 00:26:09,839 a big rise followed by a steep fall 346 00:26:09,840 --> 00:26:12,999 as investors sell gold quickly to get cash. 347 00:26:13,000 --> 00:26:16,839 In 2022, another shock after Russia invaded Ukraine. 348 00:26:16,840 --> 00:26:20,519 That year, central banks doubled their gold purchases. 349 00:26:20,520 --> 00:26:23,799 But it wasn't just about having gold for a rainy day. 350 00:26:23,800 --> 00:26:25,719 When Russian assets were frozen, 351 00:26:25,720 --> 00:26:28,999 it was a reminder that assets held abroad 352 00:26:29,000 --> 00:26:33,440 could be at risk during a period of heightened geopolitical tensions. 353 00:26:35,800 --> 00:26:37,599 Some central banks have been moving their gold 354 00:26:37,600 --> 00:26:39,559 from hubs in London and New York. 355 00:26:39,560 --> 00:26:43,479 They're bringing it closer to home to make it easier to access. 356 00:26:43,480 --> 00:26:47,999 That central bank buying started to push the gold price up. 357 00:26:48,000 --> 00:26:51,719 In 2024, it went up by 26%. 358 00:26:51,720 --> 00:26:54,839 In 2025, 65%, 359 00:26:54,840 --> 00:26:58,319 when the normal average is about 10% a year. 360 00:26:58,320 --> 00:27:02,359 As well as an increase in demand, politics also came into play. 361 00:27:02,360 --> 00:27:05,279 We saw a new administration in the United States 362 00:27:05,280 --> 00:27:08,439 making lots of pronouncements and executive orders, 363 00:27:08,440 --> 00:27:12,479 which really shocked and surprised participants in global markets. 364 00:27:12,480 --> 00:27:16,239 When the global economy is facing difficult times, 365 00:27:16,240 --> 00:27:19,799 or whether it's unprecedented political pressures, 366 00:27:19,800 --> 00:27:21,639 then gold can perform a lot better. 367 00:27:21,640 --> 00:27:22,999 The more the price went up, 368 00:27:23,000 --> 00:27:25,079 the more it became attractive to buy, 369 00:27:25,080 --> 00:27:29,119 with many wanting to get into gold before it hit a new high point. 370 00:27:29,120 --> 00:27:31,479 In January, a new record - 371 00:27:31,480 --> 00:27:34,679 over $5,500 an ounce. 372 00:27:34,680 --> 00:27:37,679 But what goes up must come down. 373 00:27:37,680 --> 00:27:40,799 And that's been true for gold prices, too. 374 00:27:40,800 --> 00:27:42,919 There are a few reasons for this. 375 00:27:42,920 --> 00:27:46,119 Investors have been ditching gold as the price drops. 376 00:27:46,120 --> 00:27:48,239 Central banks are selling some gold stocks 377 00:27:48,240 --> 00:27:49,999 to shore up their finances, 378 00:27:50,000 --> 00:27:52,920 especially because of the US-Israeli war with Iran. 379 00:27:54,200 --> 00:27:56,639 The war put pressure on the global economy, 380 00:27:56,640 --> 00:28:00,200 and central banks may need to step in and increase interest rates. 381 00:28:01,360 --> 00:28:03,159 And if the interest rate goes up, 382 00:28:03,160 --> 00:28:04,959 investors tend to buy more dollars, 383 00:28:04,960 --> 00:28:08,439 because, unlike gold, you can make interest on dollars. 384 00:28:08,440 --> 00:28:10,119 While the dollar might have become 385 00:28:10,120 --> 00:28:12,599 a little bit more favourable in the near term, 386 00:28:12,600 --> 00:28:15,399 it doesn't mean that gold has become unfavourable. 387 00:28:15,400 --> 00:28:18,520 It just means that the focus in the short term has shifted. 388 00:28:19,520 --> 00:28:21,439 And if history tells us anything, 389 00:28:21,440 --> 00:28:26,000 it's that when things get bumpy, again and again, we go back to gold. 390 00:28:28,040 --> 00:28:30,039 Well, thanks for joining me in Ghana. 391 00:28:30,040 --> 00:28:32,320 We'll be back next week. Goodbye. 33288

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