By: Kenneth Appiah Bani
Ghana’s Finance Minister, Dr. Cassiel Ato Forson, has revealed that at the peak of the country’s economic challenges in 2022, approximately 60 tonnes of gold worth $1.2 billion were smuggled out of the country, further deepening an already dire financial crisis.
Speaking at the official launch of the Ghana Gold Board (GoldBod) Taskforce in Accra on Tuesday, July 8, Dr. Forson described the rampant smuggling of gold as a “nation-wrecking act” that has cost the country billions in lost revenue over the past decade.
“This nation-wrecking act has gone on for far too long, and the consequences have been severe for the people of Ghana,” the Minister said.
According to him, the illegal export of gold during 2022 came at a time when Ghana’s foreign reserves had plummeted to below $300 million, a dangerously low figure that forced the government to seek urgent support from the International Monetary Fund (IMF).
“That was nearly half of what Ghana was seeking from the IMF as a bailout,” Dr. Forson emphasized.
Dr. Forson further disclosed that in the last decade, about 600 tonnes of gold have been smuggled out of Ghana, with $12 billion in revenue lost within just the past five years. He stressed that had this money been channelled into the economy, the national currency the cedi would have been significantly more stable.
“Imagine if this $12 billion had translated into foreign exchange to support Ghana’s reserves. Our national currency would be far more stable today,” he said.
The newly inaugurated GoldBod Taskforce, according to the Minister, is a critical instrument in the government’s broader plan to safeguard Ghana’s mineral wealth and close the gaping loopholes in the gold trading sector.
Composed of personnel from national security, the military, and other law enforcement agencies, the Taskforce is tasked with monitoring, regulating, and enforcing compliance in gold trade and export.
The initiative is grounded in the Gold Board Act (Act 1140), a new law passed to bring reform and transparency to the gold sector. The Act dissolves all gold trading licenses previously issued by the now-defunct Precious Minerals Marketing Company (PMMC) and the Ministry of Lands and Natural Resources, replacing them with a more stringent licensing and regulatory framework.
Dr. Forson assured that the Finance Ministry will provide full backing to the Taskforce, reiterating government’s unwavering commitment to protecting the nation’s mineral resources.
“We must restore transparency and accountability in Ghana’s gold trade. This Taskforce marks a major step forward in achieving that goal,” he declared.
The launch of the GoldBod Taskforce signals a renewed effort by government to combat illegal gold trade and strengthen the economy through improved resource governance.
Video credit:Joynews
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