$1.2bn worth of gold left Ghana illegally in 2022 – Ato Forson

Ghana lost an estimated $1.2 billion in gold revenue in 2022 due to illegal smuggling, Finance Minister Dr. Cassiel Ato Forson has revealed.

The illicit outflow of 60 tonnes of gold came at the peak of the country’s economic crisis, depriving the economy of critical foreign exchange and government revenue.

Addressing stakeholders after a meeting with officials from the UK-Ghana Gold Programme, Dr. Ato Forson outlined the government’s renewed efforts to curb gold smuggling and ensure Ghana benefits fully from its mineral wealth.

The UK-Ghana Gold Programme is focused on breaking the link between illegal artisanal mining and serious organized crime, a challenge that has long plagued Ghana’s gold sector.

“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,” Dr. Ato Forson wrote in a Facebook post.

The Finance Minister indicated that a major step in this direction is the establishment of the Ghana Gold Board (GoldBod). The new regulatory body he said will oversee the gold sector, tackle illegal trade, and promote responsible sourcing in line with global standards such as the London Bullion Market Association (LBMA) certification.

GoldBod will also collaborate with the Precious Minerals Marketing Company (PMMC) to enhance gold pricing, introduce pre-financing options for small-scale miners, and encourage whistleblowers to report smuggling activities.

In addition, GoldBod is working with the Economic and Organised Crime Office (EOCO) to tighten security at smuggling hotspots like Bole, a key exit point for illicit gold trade.

To reinforce the government’s commitment, GoldBod will be funded to purchase 3 tonnes of gold every week, boosting Ghana’s foreign exchange reserves.

“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, UK-Ghana Gold Programme 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,” Dr. Ato Forson added.

Dr. Ato Forson also announced a policy shift aimed at encouraging legal gold transactions. As part of the 2025 Budget, the government will abolish the 1.5% withholding tax on unprocessed gold, a move expected to make legal trade more attractive and stimulate 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 stressed.