Gold smuggling costs Ghana $12bn in five years
By: Solomon Nartey
The Minister of Finance, Dr. Cassiel Ato Forson, has sounded the alarm on the massive economic toll illegal gold smuggling is taking on Ghana, revealing that the country has lost approximately USD12 billion over the past five years due to illicit trade.
Speaking during the inauguration of the newly formed Goldbod Task Force, Dr. Forson described gold smuggling as a “nation-wrecking act” that has persisted for too long and inflicted severe consequences on Ghana’s economy and development.
“Gold is one of Ghana’s most valuable natural resources. But smuggling has deprived our economy and country of billions in revenue and foreign exchange. This is something we need to confront head-on,” the Minister stated.
Dr. Forson disclosed that at the height of Ghana’s economic crisis in 2022, an estimated 60 tons of gold worth about $1.2 billion at the time were smuggled out of the country. This occurred when Ghana’s foreign reserves had dwindled to below $300 million.
“That was nearly half of what Ghana was seeking from the International Monetary Fund (IMF) as a bailout. If this gold had been retained and accounted for, it could have significantly improved our reserve position,” he pointed out.
Over the past decade, an estimated 600 tons of gold have been illegally exported from Ghana without any benefit to the state. The Minister stressed that the lost revenue could have transformed the country’s infrastructure and improved living standards.
“Imagine $12 billion in foreign exchange supporting our reserves. Our national currency would be stable. Or imagine the number of hospitals, schools, water systems, and roads that revenue from these smuggled resources could have funded,” Dr. Forson emphasized.
He called for bold and decisive action against smuggling syndicates, declaring that the era of leniency must end.
Dr. Forson added: “It is time for us to be ruthless toward those who are sabotaging the economy of Ghana. The people of Ghana deserve better. Defeating gold smuggling will put control of our natural resources back in our hands and ensure that Ghana benefits fully.”
The Goldbod Task Force, inaugurated as part of a broader government crackdown, is expected to spearhead enforcement efforts, enhance monitoring, and coordinate intelligence to disrupt illegal gold smuggling operations.
