60 tonnes of gold estimated at $1.2 billion left Ghana illegally in 2022 – Ato Forson

Finance Minister, Dr. Cassiel Ato Forson has disclosed that gold estimated at $1.2 billion left Ghana illegally in 2022.

According to the Minister, the illicit outflow of the 60 tonnes of gold left the shores of Ghana at the peak of the country’s economic crisis.

Addressing stakeholders at a meeting with officials from the UK-Ghana Gold Programme on Monday, March 24, Dr. Ato Forson highlighted 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.

“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 on his Facebook page.

The Finance Minister stated that the establishment of the Ghana Gold Board (GoldBod) is a major step in the efforts to prevent smuggling of gold.

The GoldBod, he said will regulate the gold sector, curb smuggling and promote responsible gold trade.

The Minister noted that GoldBod will also collaborate with the Precious Minerals Marketing Company (PMMC) to enhance gold pricing mechanisms, introduce pre-financing options, encourage whistleblower reporting of smuggling, and adopt responsible sourcing practices aligned with London Bullion Market Association (LBMA) certification.

In addition, through the UK/Ghana Gold Programme, government is working closely with the Economic and Organised Crime Office (EOCO) to stop gold smuggling at key entry points like Bole.

“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 further announced a policy shift of abolishing the 1.5% withholding tax on unprocessed gold as part of the 2025 Budget. This, he said is aimed at encouraging more legal gold trade and drive 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.