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

“At the peak of our economic crisis in 2022, 60 tonnes of gold—worth an estimated $1.2 billion—left Ghana through illegal channels,” he disclosed in a Facebook post, emphasising that the illicit outflow deprived the country of critical foreign exchange and government revenue. “Imagine the impact if that wealth had stayed in our economy,” he added.

Speaking after a meeting with officials from the UK-Ghana Gold Programme, Dr Forson outlined renewed efforts to curb gold smuggling and ensure Ghana fully benefits from its gold resources.

A key step in this effort, he noted, is 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 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 improve gold pricing, introduce pre-financing options for small-scale miners, and encourage whistleblowers to report smuggling activities.

Additionally, the board is working with the Economic and Organised Crime Office (EOCO) to tighten security at smuggling hotspots such as 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 weekly to boost Ghana’s foreign exchange reserves.

“To further support this vision, the government will fund GoldBod to purchase three tonnes of gold every week, strengthening our foreign exchange reserves,” he stated.

Dr Forson also announced a policy shift aimed at making legal gold transactions more attractive. The government will abolish the 1.5% withholding tax on unprocessed gold to encourage formal trade 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 added.