'60 tonnes of gold worth $1.2bn were smuggled out of Ghana in 2022' – Finance Minister
Accra, Ghana - 25 March, 2025 - Ghana's Finance Minister, Dr. Cassiel Ato Forson, has revealed that the country lost a staggering $1.2 billion to gold smuggling in 2022, with 60 tonnes of gold smuggled out through illegal channels.
Dr Forson in a post on his X account (formerly Twitter), emphasised the significant economic loss the country has endured, questioning the potential economic boost had that gold remained within Ghana's economy.
To combat this issue, Dr Forson has announced a collaborative effort with the UK-Ghana Gold Programme, aimed at severing the links between illegal artisanal gold mining and organised crime.
According to him, the government established the Ghana Gold Board (GoldBod), a regulatory institution that will oversee the gold sector, combat smuggling, and promote responsible gold trading to tackle this challenge. The board will work closely with the Economic and Organised Crime Office (EOCO) to prevent gold smuggling at key exit points like Bole.
Other key initiatives include collaborating with the Precious Minerals Marketing Company (PMMC) to enhance pricing mechanisms, introduce pre-financing options, and encourage whistleblower reporting of smuggling.
He added that the government will also fund GoldBod to purchase three tonnes of gold every week, strengthening Ghana's foreign exchange reserves.
''Gold is one of Ghana’s most valuable natural resources, but for too long, illicit smuggling has deprived our economy of billions in revenue. At the peak of our economic crisis in 2022, 60 tonnes of gold—worth an estimated $1.2 billion—left Ghana through illegal channels. Imagine the impact if that wealth had stayed in our economy!
''Well, Yesterday, I met with officials from the UK-Ghana Gold Programme, an initiative dedicated to breaking the link between illegal artisanal gold mining and serious organized crime (SOC). Our discussions focused on how to ensure Ghana benefits fully from its gold resources while combating smuggling and illegal trade.''
''One of the key steps in this effort is the establishment of the Ghana Gold Board (GoldBod)—a game-changing institution that will regulate the gold sector, curb smuggling, and promote responsible gold trade. Through the UK/Ghana Gold Programme, we are working closely with the Economic and Organised Crime Office (EOCO) to stop gold smuggling at key entry points like Bole.''
''Additionally, GoldBod is collaborating 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 further support this vision, the government will fund GoldBod to purchase 3 tonnes of gold every week, strengthening our foreign exchange reserves.
''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. This is just the beginning—together, we will build a stronger, more prosperous Ghana!'' he wrote on his X account.
Source: Lead News Online
