Ghana’s Finance Minister, Dr Cassiel Ato Forson, has
reaffirmed the government’s commitment to tackling illegal gold smuggling and
ensuring that the country benefits fully from its rich gold resources.
In a post on X (formerly Twitter) on March 25, 2025, the
minister highlighted the severe impact of gold smuggling on Ghana’s economy,
revealing that at the height of the country’s economic crisis in 2022, an
estimated 60 tonnes of gold—worth approximately $1.2 billion—were smuggled out
of the country through illegal channels.
“Imagine the impact if that wealth had stayed in our
economy!” he wrote, emphasizing the urgent need for reforms in the gold sector.
The minister announced that he met with officials from the
UK-Ghana Gold Programme, an initiative focused on breaking the link between
illegal artisanal gold mining and serious organized crime. The discussions
centered on strategies to combat gold smuggling and ensure Ghana maximizes the
benefits of its gold wealth.
A key part of the government’s plan is the creation of the
Ghana Gold Board (GoldBod), a regulatory body designed to oversee the gold
sector, curb smuggling, and promote responsible trade. According to the
minister, GoldBod will work closely with the Economic and Organised Crime
Office (EOCO) to tighten security at key entry points like Bole, where gold
smuggling is prevalent.
Additionally, GoldBod will collaborate with the Precious
Minerals Marketing Company (PMMC) to improve pricing mechanisms, introduce
pre-financing options for gold traders, and encourage whistleblower reports on
smuggling activities. The board will also align its responsible sourcing
practices with the London Bullion Market Association (LBMA) certification
standards.
To further strengthen Ghana’s gold reserves and foreign
exchange earnings, the government has committed to funding GoldBod to purchase
three tonnes of gold weekly. This, the minister believes, will significantly
enhance the country’s economic stability.
In a major policy shift, the government will also abolish
the 1.5% withholding tax on unprocessed gold as part of the 2025 Budget. This
tax removal aims to incentivize legal gold trade, increase revenue for the
state, and reduce the incentive for smuggling.
The finance minister assured Ghanaians that these measures
will put the country back in control of its gold industry, disrupt illegal
trade networks, and ensure that the benefits of the gold sector are felt by the
citizens.
“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 concluded.
With these strategic initiatives, the Mahama administration
seeks to reclaim Ghana’s lost gold revenue, strengthen the national economy,
and promote a more transparent and profitable gold industry.
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