Ghana’s Finance Minister, Dr Cassiel Ato Forson, has reiterated the government’s determination to eliminate illegal gold smuggling and ensure the nation fully capitalises on its gold wealth.
- Ghana’s Finance Minister is determined to eliminate illegal gold smuggling and fully capitalize on the nation’s gold wealth
- Approximately 60 tonnes of gold, valued at $1.2 billion, were smuggled out through illicit channels during the country’s economic crisis in 2022
- The government is establishing the Ghana Gold Board (GoldBod) to oversee the gold sector, curb illegal trade, and foster responsible mining practices
In a post on X (formerly Twitter) on 25 March 2025, Dr Forson underscored the detrimental impact of gold smuggling on Ghana’s economy.
He revealed that during the country’s economic crisis in 2022, approximately 60 tonnes of gold, valued at $1.2 billion, were smuggled out through illicit channels.
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“Imagine the impact if that wealth had stayed in our economy!” he wrote, stressing the urgency for reforms in the gold sector.
Dr Forson disclosed that he engaged in discussions with officials from the UK-Ghana Gold Programme, an initiative aimed at severing ties between illegal artisanal mining and organised crime. The dialogue focused on strategies to curtail smuggling and optimise benefits from Ghana’s gold resources.
Creation of Ghana Gold Board (GoldBod)
A pivotal component of the government’s anti-smuggling strategy is the establishment of the Ghana Gold Board (GoldBod), a regulatory authority mandated to oversee the gold sector, curb illegal trade, and foster responsible mining practices.
GoldBod will work closely with the Economic and Organised Crime Office (EOCO) to bolster security at major smuggling hotspots such as Bole. Additionally, the board will collaborate with the Precious Minerals Marketing Company (PMMC) to enhance pricing systems, introduce pre-financing mechanisms for gold traders, and encourage whistleblower participation in uncovering smuggling operations.
To ensure responsible sourcing, GoldBod will align its operations with the London Bullion Market Association (LBMA) certification standards.
As part of broader economic reforms, the government has pledged financial support for GoldBod to procure three tonnes of gold per week. This move is expected to bolster Ghana’s gold reserves and foreign exchange earnings, thereby strengthening economic stability.
Abolition of 1.5% withholding tax on unprocessed gold
In a significant policy shift, the government has announced the removal of the 1.5% withholding tax on unprocessed gold in the 2025 Budget. This measure is designed to incentivise legal gold trade, increase state revenue, and diminish the motivation for smuggling.
Dr Forson assured the public that these reforms will enable Ghana to regain control over its gold industry, dismantle illicit trade networks, and ensure the benefits of the sector reach the citizens.
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“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!” he concluded.
With these strategic interventions, the Mahama administration aims to recover lost gold revenue, fortify the economy, and cultivate a more transparent and lucrative gold sector.
