Gold Smuggling Epidemic: Ghana Loses Billions in Revenue, Ato Forson Reveals
Finance Minister, Dr. Cassiel Ato Baah Forson, has lamented the devastating impact of illicit gold smuggling on Ghana’s economy.
According to him, the illegal smuggling of gold has deprived the country of billions of dollars in revenue.
He cited a staggering example, where 60 tonnes of gold, valued at an estimated $1.2 billion, were smuggled out of Ghana through illegal channels in 2022, at the peak of the country’s economic crisis.
Dr. Forson met with officials from the UK-Ghana Gold Programme to discuss strategies to combat gold smuggling and ensure that Ghana benefits fully from its gold resources. The programme aims to break the link between illegal artisanal gold mining and serious organized crime. A key outcome of the meeting was the establishment of the Ghana Gold Board (GoldBod), a regulatory institution that will oversee the gold sector, curb smuggling, and promote responsible gold trade.
The government, through the UK-Ghana Gold Programme, will collaborate with the Economic and Organised Crime Office (EOCO) to prevent gold smuggling at key entry points, such as Bole. Furthermore, GoldBod will work 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 support this initiative, the government has pledged to fund GoldBod to purchase 3 tonnes of gold every week, thereby strengthening Ghana’s foreign exchange reserves. Additionally, the government plans to abolish the 1.5% withholding tax on unprocessed gold as part of the 2025 Budget, a move that will incentivize more legal gold trade and drive economic growth.
Dr. Forson emphasized that, these efforts will enable Ghana to regain control of its gold industry, disrupt illegal networks, and ensure that the country’s gold resources benefit Ghanaians.
