Ghana Lost $1.2 Billion in Gold Revenue to Smuggling in 2022 – Finance Minister
Accra, March 25, 2025 – Ghana lost an estimated $1.2 billion in gold revenue in 2022 due to illegal gold smuggling, Finance Minister Dr. Cassiel Ato Forson has revealed.
The illicit outflow of 60 tonnes of gold occurred at the height of Ghana’s economic crisis, depriving the country of critical foreign exchange and much-needed government revenue.
Dr. Ato Forson made this disclosure after a meeting with officials from the UK-Ghana Gold Programme, an initiative aimed at breaking the connection between illegal artisanal mining and organized crime.
Government’s Plan to Curb Gold Smuggling
To address this challenge, Dr. Forson announced the establishment of the Ghana Gold Board (GoldBod), a regulatory body that will oversee the gold sector, combat illegal trade, and promote responsible sourcing in line with global standards, including the London Bullion Market Association (LBMA) certification.
GoldBod will also collaborate with the Precious Minerals Marketing Company (PMMC) to:
✔ Enhance gold pricing mechanisms
✔ Introduce pre-financing options for small-scale miners
✔ Encourage whistleblowers to report smuggling activities
Additionally, the government has tasked GoldBod with purchasing 3 tonnes of gold weekly to boost Ghana’s foreign exchange reserves.
To tighten security at smuggling hotspots, the Economic and Organised Crime Office (EOCO) has been deployed to monitor high-risk exit points, including Bole, a known route for illicit gold trade.
Policy Shift to Promote Legal Gold Trade
As part of Ghana’s 2025 Budget, the government will abolish the 1.5% withholding tax on unprocessed gold to encourage legal transactions and stimulate economic growth.
“These efforts will put Ghana back in control of its gold industry, disrupt illegal networks, and ensure that our gold works for Ghanaians. This is just the beginning—together, we will build a stronger, more prosperous Ghana!” – Dr. Cassiel Ato Forson
With these initiatives, the government hopes to curb illegal gold smuggling, protect national revenue, and restore transparency in Ghana’s gold sector.
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