Dr Cassiel Ato Forson is the Minister of Finance
The Minister of Finance, Dr Cassiel Ato Forson, has noted that over $12 billion worth of gold, translating to 600 tonnes, has been smuggled in Ghana over the last ten years.
According to him, the issue of gold smuggling in Ghana has caused immense financial loss to the economy.
He noted that the consequences of this problem leave Ghana at the mercy of foreign aid, seeking far less.
Speaking at the inauguration of the GoldBod Task Force on July 8, 2025, he noted that, “For too long, illicit smuggling has deprived our economy of billions in revenue and foreign exchange. This nation-wrecking act has gone on for far too long, and the consequences have been very dire.
“For example, at the peak of our economic crisis in 2022, 60 tonnes of gold worth an estimated $1.2 billion at the time left Ghana through illegal channels.
That amount was nearly half of what Ghana was seeking from the IMF as a bailout.
He noted that if this issue is resolved, the revenue from gold trading can boost the country’s foreign exchange reserves and help solve several economic problems Ghana faces.
“It is estimated that about 600 tonnes of gold have been smuggled out of our country in the last ten years, valued at over $12 billion. Imagine $12 billion translating into foreign exchange and supporting Ghana’s reserves position.
“Or imagine the number of hospitals, schools, water and roads that revenue from these smuggled gold resources could have been used for. It is time for us to be decisive and ruthless towards those who are sabotaging the economy of Ghana. Ghanaians deserve better,” he said.
Ato Forson pledged his support for the new Goldbod task force, emphasising the need to safeguard the country’s resources and reserves.
“Defeating the gold smuggling syndicate will place our country firmly in control of our gold resources and ensure that Ghana benefits fully from its gold. As the sector Minister, I make a solemn pledge to support the Ghana Gold Board,” he concluded.
SSD/MA
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