Ghana is intensifying its fight against gold smuggling, a practice that cost the country an estimated $1.2 billion in lost revenue in 2022.

In a bid to tackle this challenge, the government is partnering with the UK-Ghana Gold Programme to strengthen regulatory frameworks and curb illicit trade.

Finance Minister Dr. Cassiel Ato Forson revealed that about 60 tonnes of gold were illegally exported from Ghana at the height of the country's economic crisis. "Imagine the impact if that wealth had stayed in our economy," he stated, emphasizing the urgency of addressing illegal mining and smuggling.

During a meeting with officials from the UK-Ghana Gold Programme, Dr. Forson discussed strategies to "ensure Ghana benefits fully from its gold resources while combating smuggling and illegal trade." One of the key measures being introduced is the establishment of the Ghana Gold Board (GoldBod), a regulatory body aimed at overseeing the gold sector and promoting responsible trade.

Dr. Forson explained that through the partnership, the Economic and Organised Crime Office (EOCO) would be actively working to prevent gold smuggling at key border points, including Bole. Additionally, GoldBod is collaborating with the Precious Minerals Marketing Company (PMMC) to improve pricing mechanisms, introduce pre-financing for gold dealers, and encourage whistleblower reports to expose smuggling operations.

To enhance the sector’s financial stability, the government has committed to funding GoldBod to "purchase three tonnes of gold every week," a move aimed at bolstering the country's foreign exchange reserves. In a major policy shift, the finance minister also announced plans to remove the 1.5% withholding tax on unprocessed gold as part of the 2025 Budget, describing it as a step towards "encouraging more legal gold trade and driving economic growth."

These reforms, according to Dr. Forson, will help Ghana regain control of its gold industry, dismantle illegal networks, and ensure that the country's natural resources contribute directly to national development. "This is just the beginning—together, we will build a stronger, more prosperous Ghana," he affirmed.