Ghana is exploring a range of measures to counteract gold smuggling and safeguard the sustainability of the gold-for-oil policy.

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One notable approach involves incentivizing individuals who expose gold smugglers by rewarding them with a portion of the seized gold.

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The Energy Minister, Dr. Matthew Opoku Prempeh, emphasized the importance of this strategy in order to regulate the outflow of gold from the country.

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This is essential for upholding the viability of the gold-for-oil policy, which was introduced by the government as a response to soaring fuel prices and continues to yield positive outcomes in terms of pricing.

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To ensure the longevity of this policy, it is imperative that a consistent supply of gold remains available to the Bank of Ghana, which exchanges it for more affordable fuel.

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Dr. Prempeh conveyed his belief that enlisting the assistance of Ghanaians in identifying and reporting gold smuggling activities will effectively bolster the program and yield significant benefits for the nation.

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He outlined a proposal wherein individuals who provide valuable tips or information leading to the arrest of gold smugglers will be rewarded with 20% of the confiscated gold. Dr. Prempeh highlighted that this initiative seeks to level the playing field, as no single entity in the gold trade typically accumulates a 20% share. By extending this reward to Ghanaians who might otherwise aid in gold smuggling, the government aims to curtail illicit activities in this domain.

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While this rewarding system is currently in the conceptual stage, Dr. Prempeh disclosed that tangible steps are underway to formalize it as an official policy.

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Given the gradual escalation in the volume of gold being exported under dubious circumstances, the Energy Minister hinted at the possibility of formally announcing the policy in due course.

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“We’re saying anybody who gives a tipoff or tells us and identifies anybody smuggling gold and leads to an arrest, that person will get 20% of the gold. And I’m sure very soon they’ll come up.

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“Because I believe that nobody makes 20% of this whole business, the person who is coming to buy the gold doesn’t make 20%.

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“So if Ghanaians who are aiding them to smuggle the gold now can benefit from 20% [the smuggling will be curtailed]. The level that is being exported to lobby is gradually tipping, so we might come up formally and announce that policy,” he said.

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