World Gold Council Report on Contribution of Gold to Society
The buying and selling of gold have a global social and economic impact. While there are many points of view about the “true level of impact” of this precious metal in the world, in this article we will summarize the main influences that gold has made on society according to the World Gold Council. According to the World Gold Council, the mining of this precious metal has contributed to the socio-economic development of different countries and organizations that work in gold extraction over the years. Among the main examples of this type of contribution is the generation of jobs, investment in local communities, and the tax revenue generated by the said activity. World Gold Council Report on Contribution of Gold to Society.
World Gold Council: “gold trade supports the fulfillment of sustainable goals”
According to a recent publication by the World Gold Council, the gold industry collaborates significantly with the UN in the development of various sustainable goals, meets different needs of society, and is recognized as a source of financial security, as well as being essential for many applications and practical uses, among which include electronics, medicine, glass industry among others. Gold mining and extraction are economic engines of great importance for various countries. If the mining activity is responsible and transparent it contributes significantly to the development and economic growth of society, creating direct and indirect jobs, in addition to generating business opportunities in the mining industry for the local population.
Gold generates direct foreign investment and contributes tax revenues for gold-owning countries.
Mining companies usually operate remotely, making large investments in infrastructure and public services, in addition to meeting the needs of a gold mine through different works such as the construction of roads, housing, electricity and water supplies, etc. which is beneficial in the long term, both for companies and for local communities. According to the World Gold Council, gold miners generally work in partnership with local governments, NGOs, and communities in the country they operate in, as well as contributing directly (and indirectly) to the local economy. Similarly, mining companies have different commercial and ethical incentives that aim to improve health and education in the area of operations, strengthen social infrastructure, through the creation and support of schools, hospitals, and universities, and create improvements for the welfare of the local population.
WGC calls for the respect of the principles of mining responsibility
The World Gold Council invites all its members to respect the principles of mining responsibility and, in particular, to promote respect for human rights and the environment. These principles adopt certain commitments in a non-binding manner and establish rules on equitable governance, the human rights of workers, as well as promoting respect for and protection of the environment. The companies that adopt these principles commit to fighting against corruption, respecting the human rights of their workers, respecting the rights of the communities affected by extractive activity, in addition to offering guarantees in the protection of the ecosystem affected by mining activity. For more information on the contribution of gold to society, you can visit the official website of the World Gold Council. If you want more information about buying gold from Africa, feel free to contact us now.
