Gov’t pledges ruthless action on gold smugglers

The Minister for Finance, Dr. Cassiel Ato Forson, has described individuals and networks involved in gold smuggling as economic saboteurs who will face “decisive and ruthless” action from the state.

Speaking at the inauguration of the Ghana Gold Board Taskforce in Accra, Dr Forson lamented the devastating financial losses the country continues to suffer due to the illicit gold trade and called for public support in combating what he termed a “nation wrecking act.”

“It is time for us to be decisive and ruthless towards those who are sabotaging the economy of Ghana. Ghanaians deserve better,” he stated.

Dr Forson revealed that at the height of Ghana’s economic crisis in 2022, an estimated 60 tonnes of gold valued at 1.2 billion dollars were smuggled out of the country. Over the past ten years, he added, Ghana has lost over 600 tonnes of gold, valued at more than 12 billion dollars, due to smuggling.

“Imagine 12 billion dollars translated into foreign exchange to shore up our reserves or the number of schools, hospitals, roads, and water systems that could have been built with that money,” he said.

Dr. Forson further warned that the illicit trade does not only deprive the nation of vital revenue but also undermines economic stability by weakening the Ghana cedi, draining foreign reserves, and eroding public confidence in state institutions.

According to the Finance Minister, many of the smuggling networks are sophisticated, transnational in scope, and often backed by powerful interests, necessitating a strong, coordinated state response.

Dr Forson praised the Ghana Gold Board for its recent performance, noting encouraging outcomes in its half year report.

The newly constituted taskforce, he said, would enhance surveillance, enforcement, and coordination across relevant agencies, with a focused mandate to disrupt smuggling operations and ensure that Ghana’s gold resources benefit its people.

“I am happy to report that so far, half year data highlights very impressive outcomes from the operations of the Ghana Gold Board. Things can only get better with the inauguration of this task force to go after the smugglers,” Dr. Forson said.

Dr Forson pledged his ministry’s full support for the Ghana Gold Board and called on citizens to unite behind the effort to retain more value from the country’s most significant mineral resource.

“Defeating the gold smuggling syndicate will place our country firmly in control of our gold resources and ensure that Ghana benefits fully from its gold. As the sector Minister, I make a solemn pledge to support the Ghana Gold Board,” he added.