Opposition Leader Azruddin Mohamed claims that gold smuggling is draining more than US$1 billion from Guyana’s banking system, even as he and his father, Nazar Mohamed, fight extradition to the United States over alleged gold-smuggling offences.

Mohamed, the leader of We Invest in Nationhood (WIN), made the claim at a press briefing on Monday, saying it was based on his experience in the gold business.

“Approximately, based on my investigation, being in the gold business, approximately over US$1 billion not coming into our banking system,” he told reporters.

Mohamed, whom the US identified several years ago as a target involved in such operations, urged the Government to go after smugglers in the industry. He also suggested identifying those involved in gold trading and establishing a special branch to strengthen security along Guyana’s borders, including in Lethem, to prevent gold from being smuggled out of the country.

However, Mohamed’s estimate has not been independently verified, and it remains unclear how he arrived at the figure. It also exceeds the US$50 million loss cited by US prosecutors in a Florida indictment involving him and his father.

The two men face 11 charges, including money laundering, bribery, tax evasion, wire fraud and mail fraud. US prosecutors allege that at least 10,000 kilogrammes of gold have been exported through Miami since 2017 without the payment of Guyanese taxes and royalties, costing Guyana an estimated US$50 million.

Both men have denied the allegations but are fighting extradition to the US to answer the charges.

Turning to the wider economy, Mohamed said the current foreign-currency shortage was driving up the cost of obtaining US dollars and placing additional pressure on businesses that rely on imports. He criticised the Government for what he described as its silence on the issue and called for action to address the shortage.

He argued that rising gold prices over the past two years should have generated significantly greater foreign-exchange earnings to help meet the country’s import demand.

“Two years ago, the gold price was around US$2,000 an ounce. Now, today, it’s at a historic US$4,200. The same amount of gold exported back then compared with now can bring in twice as much money to offset the costs faced by importers in our country. But the Government is very silent on this, and this is the main issue affecting us in terms of the cost of living and the foreign-currency exchange rate,” he said.

The Guyana Gold Board has attributed the rise in local gold prices over the past two years to stronger global demand for safe-haven assets, aggressive central-bank buying and heightened geopolitical tensions. The international price surge has also increased the value of Guyana’s gold exports, with the Gold Board aligning local prices with global benchmarks while enforcing domestic declaration requirements.

Mohamed also raised concerns about rising food prices and supermarket costs, calling for price controls on food items to help ease the cost-of-living burden.