President Gustavo Petro announced that Colombia lost nearly 18 billion dollars between 2020 and 2026 from unregistered gold exports. He stated that these activities finance illegal armed groups and proposed reforms making the Banco de la República the buyer of gold from small-scale mining.
During Wednesday's Council of Ministers meeting, Petro said gold has displaced cocaine as a main funding source for armed groups. The current conflict, he noted, rests on illicit economies rather than ideological differences.
The president proposed that the Banco de la República become the exclusive buyer of gold from small-scale mining. The step would weaken criminal finances and turn the metal into a sovereign asset to back pension savings.
Petro cited severe environmental damage in Antioquia, the Bajo Cauca and Chocó, where illegal mining has destroyed rivers and ecosystems. He announced plans to release a document on the gold business and recalled that the issue has been a recurring part of his agenda.
