$1.2 Billion in Gold Smuggled From Ghana in 2022 – Finance Minister Says
Minister for Finance, Dr. Cassiel Ato Forson, has reaffirmed the government’s commitment to tackling illicit gold smuggling, announcing a series of measures aimed at ensuring the country fully benefits from its gold resources.
Speaking after a meeting with officials from the UK-Ghana Gold Programme, Dr. Forson highlighted the severe economic impact of illegal gold trade, revealing that in 2022 alone, 60 tonnes of gold—valued at approximately $1.2 billion—were smuggled out of the country.
“Gold is one of Ghana’s most valuable natural resources, but for too long, illicit smuggling has deprived our economy of billions in revenue. Imagine the impact if that wealth had stayed in our economy!” he stated.
To address this challenge, the government has introduced the Ghana Gold Board (GoldBod), a new institution mandated to regulate the gold sector, curb smuggling, and promote responsible gold trade. Through the UK-Ghana Gold Programme, GoldBod is working closely with the Economic and Organised Crime Office (EOCO) to crack down on smuggling at key entry points, such as Bole.
The initiative also includes a partnership between GoldBod and the Precious Minerals Marketing Company (PMMC) to enhance pricing mechanisms, introduce pre-financing options, and encourage whistleblower reporting of illegal gold trade. Additionally, efforts are being made to align Ghana’s gold trade with London Bullion Market Association (LBMA) certification standards to improve transparency and responsible sourcing.
In a significant policy shift, Dr. Forson announced that the 1.5% withholding tax on unprocessed gold will be abolished as part of the 2025 Budget—a move expected to encourage more legal gold trade and stimulate economic growth.
Furthermore, to strengthen Ghana’s foreign exchange reserves, the government has committed to funding GoldBod to purchase three tonnes of gold weekly.
Dr. Forson emphasized that these initiatives are just the beginning of a broader strategy to formalize Ghana’s gold industry, combat illegal trade, and ensure that the country’s resources contribute directly to national development.
“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 affirmed.
