This chapter reviews the main theoretical approaches used to explain the paradox of illegal ASM or galamsey discussed in the previous chapter. It focuses on three closely related state-centric theories found in the extant literature on illegal ASM in Ghana: (in)formalization, corruption, and neopatrimonialism. These theories  are rooted in the broader context of informality and illegality of ASM and its negative environmental and socioeconomic harms—issues that are common across many minerals-rich countries in Africa, Asia, Oceania, and Latin America. Therefore, the problematique and discussion of this chapter may be germane to the ASM sectors of countries in other regions. While we do not claim that these are the only relevant state-centric theories, they are the most prominent in explaining the intractable problem of illegal ASM or galamsey in Ghana. The chapter sets the theoretical foundation for the next, in which we advance the understanding of the intractable problem  of galamsey in Ghana and beyond by introducing an alternative  theory: state capture theory.