Accra, Ghana - 8 July, 2025 - Ghana’s Finance Minister, Dr. Cassiel Ato Forson, has issued a stark warning against gold smuggling, revealing that the illicit trade has cost the nation an estimated $12 billion over the past decade, as he spoke at the inauguration of the GoldBod Taskforce in Accra on 8 July 2025.
The new taskforce, launched under the Ghana Gold Board (GoldBod), aims to clamp down on illegal gold exports that have drained critical foreign exchange reserves, with Forson pledging robust government support to restore control over the country’s gold resources and bolster economic stability.
Addressing dignitaries at the National Security Secretariat, Forson highlighted the devastating impact of gold smuggling, noting that in 2022 alone, 60 tonnes of gold, valued at $1.2 billion, were smuggled out of Ghana during the height of its economic crisis.
This amount, he said, was nearly half of the $3 billion bailout Ghana sought from the International Monetary Fund (IMF) to stabilize its economy. Over the past ten years, an estimated 600 tonnes of gold, worth over $12 billion, have been illicitly exported, depriving the nation of funds that could have supported infrastructure projects like hospitals, schools, roads, and water systems.
“This nation-wrecking act has gone on for far too long, and the consequences have been very dire,” Forson stated, calling for “decisive and ruthless” action against those undermining Ghana’s economy.
The GoldBod Taskforce, inaugurated alongside Forson’s remarks, is a key component of Ghana’s strategy to curb smuggling and formalize the gold trade, particularly in the artisanal and small-scale mining sector. Established earlier in 2025, GoldBod has replaced the Precious Minerals Marketing Company (PMMC) as the sole buyer, assayer, and licenser of artisanal gold, streamlining a previously fragmented system that included the Bank of Ghana, the Minerals Income Investment Fund (MIIF), and private aggregators.
Forson praised GoldBod’s early achievements, noting that its operations have contributed to a 16.7% appreciation of the Ghana cedi against the US dollar in 2025, making it the top-performing currency globally in April. The agency’s efforts have also boosted Ghana’s foreign exchange reserves, which reached a record high in April 2025, surpassing IMF targets.
''For too long, illicit smuggling has deprived our economy of billions in revenue and foreign exchange. This nation-wrecking act has gone on for far too long, and the consequences have been very dire. For example, at the peak of our economic crisis in 2022, 60 tonnes of gold worth an estimated $1.2 billion at the time, left Ghana through illegal channels. That amount was nearly half of what Ghana was seeking from the IMF as a bailout. It is estimated that about 600 tonnes of gold have been smuggled out of our country in the last ten years valued at over $12 billion. Imagine $12 billion translating into foreign exchange and supporting Ghana’s reserves position,'' he stated.
''Or imagine the number of hospitals, schools, water and roads that revenue from these smuggled gold resources could have been used for. 8. It is time for us to be decisive and ruthless towards those who are sabotaging the economy of Ghana. Ghanaians deserve better.
''Defeating the gold smuggling syndicate will place our country firmly in control of our gold resources, and ensure that Ghana benefits fully from its gold. As the sector Minister, I make a solemn pledge to support the Ghana Gold Board.
''I am happy to report that so far, half-year data highlights very impressive outcomes from the operations of the Ghana Gold Board. Things can only get better with the inauguration of this task force to go after the smugglers,'' he added.
The taskforce, comprising personnel from National Security, the military, and other agencies, is equipped with advanced tools, including body cameras and GPS-tracked vehicles, to ensure transparency and accountability.
President John Dramani Mahama, who also spoke at the launch, announced a 10% reward for whistleblowers providing credible information leading to the recovery of smuggled gold or its cash equivalent, signaling a hardline approach to dismantling smuggling networks. Recent operations have already yielded results, with GoldBod reporting the arrest of 10 Chinese nationals in the Western Region for illegal gold trading, alongside the seizure of 1.3 kg of gold valued at nearly $100,000.
Forson’s remarks come amid broader government reforms to harness Ghana’s gold industry, which accounted for $11.64 billion in exports in 2024, a 53.2% increase from the previous year, according to the Bank of Ghana.
Source: Lead News Online
