The Ghanaian government is taking bold steps to enhance its foreign exchange reserves through strategic gold purchases.

Finance Minister Dr. Cassiel Ato Forson has announced that the Ghana Gold Board (GoldBod) will acquire "three tonnes of gold every week" as part of efforts to stabilize the country’s economy and curb illegal gold trade.

Speaking on the initiative, Dr. Forson emphasized that gold smuggling had significantly drained Ghana’s economy, with "about 60 tonnes of gold—worth an estimated $1.2 billion—illegally exported in 2022." He stressed that retaining such wealth within the economy could have positively impacted national development.

To counter these losses, the government is collaborating with the UK-Ghana Gold Programme to enforce stricter regulations in the gold sector.

"We are working closely with the Economic and Organised Crime Office (EOCO) to prevent smuggling at key border points, including Bole," Dr. Forson disclosed.

He added that GoldBod is partnering with the Precious Minerals Marketing Company (PMMC) to refine pricing structures, introduce pre-financing options for small-scale miners, and encourage whistleblower reports on illicit gold activities.

In addition to these reforms, the finance minister announced a major policy shift: "As part of the 2025 Budget, we will abolish the 1.5% withholding tax on unprocessed gold." This measure, he explained, is designed to incentivize legal gold trading and stimulate economic growth.

With these strategies in place, the government aims to regain control over the gold industry, dismantle illegal networks, and ensure that the country’s mineral resources contribute meaningfully to national development. "This is just the beginning—together, we will build a stronger, more prosperous Ghana," Dr. Forson affirmed.