Finance Minister Dr. Cassiel Ato Forson has revealed that Ghana lost an estimated 60 tonnes of gold, worth $1.2 billion, to smuggling during the peak of its economic crisis in 2022. This illicit trade in gold has had a significant negative impact on Ghana’s economy, depriving the country of much-needed revenue.
In response, the government has introduced measures to combat illegal gold trade and ensure the country fully benefits from its natural resources. One key initiative is the creation of the Ghana Gold Board (GoldBod), a regulatory body tasked with overseeing the gold sector, curbing smuggling, and promoting responsible gold trade. Additionally, the government is collaborating with the UK-Ghana Gold Programme, which seeks to sever the connection between illegal mining and organized crime.
As part of the effort to stabilize the sector, the government will fund GoldBod to purchase three tonnes of gold per week, contributing to the nation’s foreign exchange reserves. Furthermore, a significant policy shift is underway with the abolition of the 1.5% withholding tax on unprocessed gold, as outlined in the 2025 Budget. This move is designed to encourage legal trade and stimulate economic growth.
Dr. Forson expressed optimism that these efforts would allow Ghana to regain control of its gold industry, disrupt smuggling operations, and ensure the nation’s mineral wealth directly benefits its citizens.
