Ghanaian economy has not realised the full benefit of our gold resources - Ato Forson laments - MyJoyOnline
Finance Minister Dr Cassiel Ato Forson has asserted that Ghana has yet to fully benefit from its abundant gold resources.
This, he explained, was due to the nation's over-reliance on traditional revenue streams such as royalties and taxes.
Speaking at the inauguration ceremony of the Board of Directors of the Ghana Gold Board on Monday, May 19, Dr. Forson lamented that while gold remains a key contributor to the national economy, the current framework limits Ghana’s ability to harness the full economic potential of the sector.
“Historically, Ghana’s revenues from gold have been confined to traditional sources such as royalties and taxes. The Ghanaian economy has not realised the full benefit of our gold resources," he said.
Dr. Forson advocated for a comprehensive value-chain approach, urging the country to move beyond merely exporting raw materials.
“The time has come for Ghana to expand beyond royalties and taxes by harnessing the entire value chain of gold,” he emphasised.
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To achieve this, he called for an optimisation of every stage of the value chain—from extraction and refining to value addition and international marketing.
He pointed to the newly established Ghana Gold Board as a key agency that will spearhead the marketing of the nation’s gold resources and oversee reforms in the sector.
According to Dr Forson, the government is expected to implement a deliberate programme to formalise gold trading, especially within the small-scale mining sector.
The programme, he added, aims to promote traceability and boost the international acceptability of Ghana’s gold.
"This initiative will help enhance transparency, ensure accountability, and increase Ghana's gold revenues through better integration into the global market,” he explained.
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