The Finance Minister, Dr. Cassiel Ato Forson, has reaffirmed the government’s commitment to curbing gold smuggling and ensuring that Ghana fully benefits from its rich gold resources.
He revealed that at the height of Ghana’s economic crisis in 2022, a staggering 60 tonnes of gold, valued at an estimated $1.2 billion, were smuggled out of the country through illegal channels.
“Imagine the impact if that wealth had stayed in our economy!” he remarked in a Facebook post on Tuesday, March 25.
Dr. Forson disclosed that he engaged with officials from the UK-Ghana Gold Programme yesterday, an initiative aimed at breaking the link between illegal artisanal mining and serious organized crime.
He noted that discussions were centered on measures to strengthen Ghana’s gold sector, eliminate smuggling, and boost revenue.
A major step in addressing the issue, according to the Finance Minister, is the creation of the Ghana Gold Board (GoldBod).
This new institution will regulate the gold sector, curb smuggling, and promote responsible gold trade.
Through the UK-Ghana Gold Programme, he noted the government is also partnering with the Economic and Organised Crime Office (EOCO) to crack down on smuggling operations, particularly at key entry points like Bole.
He stressed that GoldBod will also work closely with the Precious Minerals Marketing Company (PMMC) to enhance pricing mechanisms, introduce pre-financing options for small-scale miners, encourage whistleblower reports on smuggling activities, and adopt responsible sourcing practices that align with the London Bullion Market Association (LBMA) certification.
As part of efforts to strengthen Ghana’s gold industry, Dr. Forson announced that the government will fund GoldBod to purchase three tonnes of gold every week, a move aimed at increasing the country’s foreign
“Additionally, in a major policy shift, we will abolish the 1.5% withholding tax on unprocessed gold as part of the 2025 Budget—a move that will encourage more legal gold trade and drive economic growth.
These efforts will put Ghana back in control of its gold industry, disrupt illegal networks, and ensure that our gold works for Ghanaians,” he added.
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