Ghana’s Finance Minister Cassiel Ato Baah Forson, has lamented the devastating impact of gold smuggling on the country’s economy.
Forson said during a meeting with officials of the Ghana-UK Gold Programme that gold smuggling has deprived the country of billions of dollars in revenue.
He pointed out that in 2022 alone at the peak of the economic crisis, 60 tonnes of gold, valued at an estimated $1.2 billion, were smuggled out of Ghana.
The minister said the discussion with the leadership of the Ghana-UK Gold Programme would seek to formulate 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, added Forson.
A key strategy of the government is the proposed Ghana Gold Board (GoldBod), a regulatory institution that will oversee the gold sector, curb smuggling, and promote responsible gold trade.
He said the 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 minister pledged the government’s commitment to funding the 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 percent withholding tax on unprocessed gold as part of the 2025 Budget, a move that will incentivise more legal gold trade and drive economic growth, he added.
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.
Moreover, he said the government, through the UK-Ghana Gold Programme, will collaborate with the Economic and Organised Crime Office to combat gold smuggling at key entry points.