Finance Minister Decries $12bn Gold Smuggling Losses, Pledges Decisive Action to Protect Ghana’s Gold Resources
Minister for Finance, Dr. Cassiel Ato Forson, has raised alarm over the massive scale of gold smuggling that has drained the country of billions of dollars in revenue and foreign exchange over the past decade.
In a post on X (formerly Twitter), Dr. Forson disclosed that approximately 600 tonnes of gold, valued at over $12 billion, have been illegally smuggled out of Ghana in the last ten years. He lamented the devastating economic consequences of this illicit activity, noting that the lost revenue could have significantly bolstered Ghana’s foreign reserves or funded critical infrastructure such as hospitals, schools, roads, and water projects.
“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,” Dr. Forson stated.
The Finance Minister highlighted that at the peak of Ghana’s economic crisis in 2022, an estimated 60 tonnes of gold, valued at about $1.2 billion, were smuggled out through illegal channels—an amount nearly half of what Ghana sought from the International Monetary Fund (IMF) under its bailout programme.
Calling for urgent and decisive action, Dr. Forson declared: “It is time for us to be decisive and ruthless towards those who are sabotaging the economy of Ghana. Ghanaians deserve better.”
He stressed that defeating the gold smuggling syndicate would place Ghana firmly in control of its gold resources and ensure that the country fully benefits from its mineral wealth. The Minister also reaffirmed his commitment to support the operations of the Ghana Gold Board, expressing optimism about recent progress made in curbing smuggling.
“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 Finance Minister’s remarks come at a time when Ghana’s gold sector continues to play a crucial role in the country’s economy, both as a major export earner and as a key contributor to foreign exchange reserves.
