Ghana's Finance Minister, Dr. Cassiel Ato Forson, has revealed a staggering loss of approximately $1.2 billion in gold revenue during 2022 due to rampant smuggling activities. This illicit outflow, quantified as 60 tonnes of gold, occurred at the peak of Ghana's economic crisis, severely impacting the nation's foreign exchange reserves and overall government revenue. Dr. Forson made these disclosures in a Facebook post following a meeting with officials from the UK-Ghana Gold Programme, highlighting renewed governmental efforts to combat gold smuggling and optimize the benefits derived from Ghana's gold resources.

The UK-Ghana Gold Programme is specifically designed to sever the connection between illegal artisanal mining operations and serious organized crime, a persistent challenge within Ghana's gold sector. Dr. Forson emphasized the critical importance of gold as one of Ghana’s most valuable natural resources, lamenting how illicit smuggling has historically deprived the economy of billions in potential revenue. The Finance Minister underscored the potential impact if the $1.2 billion had remained within the country, contributing to economic stability and growth.

A key initiative in addressing this issue is the establishment of the Ghana Gold Board (GoldBod), a new regulatory body tasked with overseeing the gold sector, combating illegal trade, and promoting responsible sourcing practices that align with global standards such as the London Bullion Market Association (LBMA) certification. GoldBod will collaborate with the Precious Minerals Marketing Company (PMMC) to improve gold pricing, introduce pre-financing options for small-scale miners, and incentivize whistleblowers to report smuggling activities. Furthermore, GoldBod is partnering with the Economic and Organised Crime Office (EOCO) to enhance security measures at known smuggling hotspots, such as Bole, a significant exit point for illicit gold trade.

To reinforce the government's commitment, GoldBod will be funded to purchase three tonnes of gold weekly, a strategic move aimed at bolstering Ghana’s foreign exchange reserves. Dr. Forson elaborated that the UK-Ghana Gold Programme is actively working with EOCO to curtail gold smuggling at critical entry points like Bole. The collaboration with PMMC also extends to refining pricing mechanisms, introducing pre-financing options, encouraging the reporting of smuggling incidents, and adopting responsible sourcing practices consistent with LBMA certification.

In a significant policy shift, Dr. Forson announced the abolishment of the 1.5% withholding tax on unprocessed gold as part of the 2025 Budget. This measure is intended to make legal gold transactions more appealing, thereby stimulating economic growth and formalizing trade within the sector. Dr. Forson asserted that these combined efforts will restore Ghana's control over its gold industry, disrupt illegal networks, and ensure that the nation's gold resources benefit its citizens. He framed this as just the beginning of a broader initiative to build a stronger and more prosperous Ghana.