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The Minister of Finance, Dr Cassiel Ato Forson, has revealed that Ghana lost approximately $1.2 billion in gold revenue in 2022 due to smuggling.
He stated that 60 tonnes of gold were illegally exported through unauthorised channels, depriving the country of crucial foreign exchange and government revenue.
Speaking after a meeting with officials from the UK-Ghana Gold Programme, Dr Forson outlined the government’s renewed efforts to curb gold smuggling and ensure that Ghana benefits fully from its gold resources.
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He announced the establishment of the Ghana Gold Board (GoldBod), a new regulatory body that will oversee the gold sector, tackle illegal trade, and promote responsible sourcing in compliance with global standards such as the London Bullion Market Association (LBMA) certification.
The new regulatory body will collaborate with the Precious Minerals Marketing Company (PMMC) to improve gold pricing, introduce pre-financing options for small-scale miners, and encourage whistleblowers to report smuggling activities.
GoldBod is also working with the Economic and Organised Crime Office (EOCO) to strengthen security at smuggling hotspots, including Bole, a known exit point for illicit gold trade.
To reinforce the government’s commitment, Dr Forson announced that GoldBod would be funded to purchase three tonnes of gold per week to boost Ghana’s foreign exchange reserves.
Additionally, he disclosed a policy shift aimed at making legal gold transactions more attractive by abolishing the 1.5% withholding tax on unprocessed gold to encourage formal trade and stimulate economic growth.
He assured that these initiatives will help Ghana regain control over its gold industry, disrupt illegal trade networks, and ensure that the country benefits from its natural resources.
He reiterated the government’s commitment to building a stronger, more prosperous economy by implementing policies that protect and maximise the country’s mineral wealth.
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