The Gold Question: Investigating Allegations Against PM Abiy Ahmed
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An Ethiopian Tribune Investigation
As Prime Minister Abiy Ahmed touches down in Brazil for the BRICS summit and holds meetings with Brazilian President Luiz Inácio Lula da Silva, serious allegations have emerged in certain quarters comparing Ethiopia’s Nobel Peace Prize-winning leader to some of Africa’s most notorious dictators. These claims, which suggest the Prime Minister has been hoarding billions of dollars worth of gold in the United Arab Emirates, warrant careful examination through the lens of evidence, historical precedent, and geopolitical context.
The Nature of the Allegations
The accusations paint a stark picture: that PM Abiy Ahmed has been systematically transferring vast quantities of Ethiopian gold to the UAE as part of an elaborate “exit strategy,” reminiscent of tactics employed by Uganda’s Idi Amin Dada and Ethiopia’s own Mengistu Haile Mariam. These are not merely political accusations but allegations of grand theft on a scale that would dwarf most historical examples of kleptocracy.
To understand the gravity of these claims, one must first examine the broader context of Africa’s gold trade and the UAE’s role as a destination for both legitimate and illicit precious metals.
The UAE Gold Pipeline: A Regional Reality
The foundation upon which these allegations rest is not entirely without merit when viewed through the prism of regional gold trafficking patterns. According to comprehensive research by the Swiss NGO Swissaid, the scale of illicit gold movement from Africa to the UAE is staggering. Their June 2025 report revealed that over 400 tonnes of African gold, valued at approximately $30.7 billion, were smuggled out of Africa in 2022 alone, with the majority entering the UAE.
Even more concerning is the decade-long pattern: between 2012 and 2022, an estimated 2,569 tonnes of gold—worth roughly $115 billion—entered the UAE from Africa without corresponding export declarations from the originating countries. This represents a systematic failure of regulatory oversight that has created an environment where such illicit transfers could theoretically occur.
The UAE’s position as the leading recipient of illicit African gold is well-documented, with significant portions originating from artisanal and small-scale mining operations that often operate outside official channels. Despite stated commitments to combat money laundering and illicit trade, implementation of regulations has been notably lacking, with some UAE gold refineries facing suspensions for anti-money laundering violations.
Ethiopia’s Gold Boom: Reform or Ruse?
Against this backdrop, Ethiopia’s recent gold export surge presents a complex picture. The country has experienced a remarkable transformation in its official gold trade, with exports increasing from 4 tonnes to 37 tonnes year-on-year, raising revenues from $300 million to $3.5 billion. The Ministry of Mining reported that total revenue from mining exports reached $2.57 billion during the past ten months, with over 29,396 kilograms of gold delivered to the National Bank of Ethiopia.
This dramatic increase is attributed to macroeconomic reforms designed to narrow the gap between formal and black market forex prices, encouraging small-scale and traditional miners to sell gold directly to the National Bank. Officially, Ethiopia’s top gold export destinations include the UAE, Switzerland, and India, confirming that the UAE is indeed a legitimate destination for Ethiopian gold.
However, the question remains: does this surge in official exports mask more sinister activities, or does it represent genuine economic reform?
Historical Precedents: The Amin and Mengistu Playbook
To assess the likelihood of these allegations, one must examine the historical precedents of African leaders who have indeed engaged in systematic asset stripping.
Idi Amin Dada’s reign in Uganda (1971-1979) was characterised by economic destruction on a massive scale. Amin expelled the country’s entire Asian population, confiscated their businesses and properties, and systematically looted Uganda’s resources. His regime’s financial dealings were largely conducted through intermediaries and shell companies, with assets transferred to accounts in Switzerland and other financial havens. However, Amin’s looting was more opportunistic than systematic, and his methods were crude compared to the sophisticated allegations levelled against PM Abiy.
Mengistu Haile Mariam’s approach was more methodical. During his rule (1977-1991), the Derg systematically appropriated private property and resources under the guise of socialist transformation. When his regime faced collapse, Mengistu fled to Zimbabwe, where he has remained since 1991. However, investigations have never uncovered evidence of massive personal wealth accumulation comparable to the billions allegedly stashed by PM Abiy.
The Mitigating Factors
Several factors argue against the likelihood of PM Abiy engaging in such systematic looting:
The Nobel Factor: As the 2019 Nobel Peace Prize winner, PM Abiy operates under unprecedented international scrutiny. Notably, he has already deposited his Nobel Prize winnings, demonstrating a pattern of financial transparency that contradicts the secretive behaviour typical of kleptocratic leaders.
Reform Trajectory: Unlike Amin or Mengistu, who consolidated power through violence and authoritarian measures, PM Abiy initially came to power on a reform platform. His early initiatives included releasing political prisoners, allowing exiled opposition groups to return, and implementing economic liberalisation measures.
Institutional Constraints: Ethiopia’s contemporary political landscape, whilst troubled, includes multiple power centres and international oversight mechanisms that were absent during the Amin and Mengistu eras. The African Union’s headquarters in Addis Ababa alone ensures a level of international presence that would make large-scale asset stripping extremely difficult to conceal.
Economic Logic: The scale of the allegations—billions of dollars in gold—would require the systematic diversion of a significant portion of Ethiopia’s gold production. Given the country’s current economic challenges and the government’s stated commitment to increasing foreign exchange earnings, such massive diversions would be economically counterproductive and politically dangerous.
The Burden of Evidence
What remains absent from these allegations is credible, independently verified evidence. While the broader context of illicit gold trade from Africa to the UAE is well-documented, and Ethiopia has increased its official gold exports to the UAE, there is no confirmed link between these legitimate trade patterns and any personal accumulation of wealth by PM Abiy.
The distinction between state-level trade relationships and personal enrichment is crucial. Ethiopia’s increased gold exports to the UAE, conducted through official channels and reported by government ministries, represent a different category of activity entirely from the clandestine personal asset transfers alleged by critics.
Contemporary Challenges and Contradictions
It is worth noting that PM Abiy’s leadership has faced significant challenges and criticisms. Some Ethiopian publications have drawn unflattering comparisons between Abiy Ahmed and historical figures like Idi Amin, citing concerns about his leadership style and controversial actions. There have been allegations of authoritarian tendencies, with some observers noting that Africa currently has 19 dictators and drawing parallels to the ruthless rule of Mengistu Haile Mariam.
However, these political criticisms, whilst significant, do not constitute evidence of the specific financial allegations under examination. The conflation of legitimate political opposition with unsubstantiated claims of massive gold hoarding serves neither the cause of accountability nor the interests of informed public discourse.
The BRICS Context
PM Abiy’s current participation in the BRICS summit in Brazil adds another layer to this analysis. The 17th BRICS Summit in Rio de Janeiro focuses on Global South cooperation, with discussions on bilateral relations, including trade and investment. His presence at this gathering of emerging economies suggests a leader engaged in legitimate international diplomacy rather than one preparing for exile.
The timing of these allegations, coinciding with Ethiopia’s increased engagement with BRICS nations, raises questions about their potential political motivations. Are these claims part of a broader information warfare campaign designed to undermine Ethiopia’s growing international partnerships?
Conclusion: The Verdict of Evidence
After careful examination of the available evidence, the allegations that PM Abiy Ahmed has stashed billions of dollars worth of gold in the UAE appear to be unsubstantiated. While the broader context of illicit gold trade from Africa to the UAE is well-documented, and Ethiopia has legitimate trade relationships with the UAE, there is no credible evidence linking the Prime Minister to personal accumulation of such vast wealth.
The historical comparisons to Idi Amin and Mengistu Haile Mariam, whilst politically provocative, fail to acknowledge the fundamentally different contexts in which these leaders operated. Unlike his predecessors, PM Abiy operates in an era of increased transparency, international oversight, and institutional constraints that would make such massive asset stripping extremely difficult to conceal.
This is not to suggest that PM Abiy’s leadership is beyond criticism or that questions about governance and accountability should not be asked. However, serious allegations require serious evidence, and the burden of proof for claims of this magnitude has not been met.
As Ethiopia continues its complex political and economic transformation, the focus should remain on verifiable facts, transparent governance, and the rule of law. In the absence of credible evidence, these allegations serve only to muddy the waters of legitimate political discourse and undermine the important work of holding leaders accountable through proper channels.
The gold question, it seems, remains more about the glitter of political rhetoric than the substance of financial reality.
This investigation was conducted using publicly available information and expert analysis. The Ethiopian Tribune remains committed to factual reporting and welcomes additional evidence that might shed further light on these important questions.
