Dr. Cassiel Ato Forson, the Finance Minister, says Ghana lost an estimated $1.2 billion in gold revenue in 2022 due to illegal smuggling.
Addressing stakeholders after a meeting with officials from the UK-Ghana Gold Programme, the minister said the government remains committed to dealing with gold smuggling and ensuring Ghana benefits fully from its mineral wealth.
The minister in a Facebook post said the smuggling occurred at a point when Ghana was facing an economic crisis in the year 2022.
“Gold is one of Ghana’s most valuable natural resources, but for too long, illicit smuggling has deprived our economy of billions in revenue.
“At the peak of our economic crisis in 2022, 60 tonnes of gold—worth an estimated $1.2 billion—left Ghana through illegal channels. Imagine the impact if that wealth had stayed in our economy!
“Well, yesterday, I met with officials from the UK-Ghana Gold Programme, an initiative dedicated to breaking the link between illegal artisanal gold mining and serious organised crime (SOC).
“Our discussions focused on how to ensure Ghana benefits fully from its gold resources while combating smuggling and illegal trade,” Dr. Ato Forson wrote in a Facebook post.
He went on to state that as part of the efforts aimed at addressing the challenge, the government is establishing the Ghana Gold Board (GoldBod).
The GoldBod will oversee the gold sector, tackle illegal trade, and promote responsible sourcing in line with global standards such as the London Bullion Market Association (LBMA) certification, the Minister said.
He added that the GoldBod is working with the Economic and Organised Crime Office (EOCO) to tighten security at smuggling hotspots like Bole, a key exit point for illicit gold trade.
He explained that the GoldBod will be funded to purchase 3 tonnes of gold every week, boosting Ghana’s foreign exchange reserves.
“Through the UK/Ghana Gold Programme, we are working closely with the Economic and Organised Crime Office (EOCO) to stop gold smuggling at key entry points like Bole.
“Additionally, UK-Ghana Gold Programme is collaborating with the Precious Minerals Marketing Company (PMMC) to enhance pricing mechanisms, introduce pre-financing options, encourage whistleblower reporting of smuggling, and adopt responsible sourcing practices aligned with London Bullion Market Association (LBMA) certification. To further support this vision, the government will fund GoldBod to purchase 3 tonnes of gold every week, strengthening our foreign exchange reserves.”
“These efforts will put Ghana back in control of its gold industry, disrupt illegal networks, and ensure that our gold works for Ghanaians. This is just the beginning—together, we will build a stronger, more prosperous Ghana!,” he added.
By: Rainbowradioonline.com/Ghana
