Ghana lost an estimated 60 tonnes of gold—worth $1.2 billion—to smuggling in 2022, at the height of its economic crisis, Finance Minister Dr. Cassiel Ato Forson has revealed.
Dr. Forson, in a social media post, described illicit gold smuggling as a major drain on Ghana’s economy, depriving the country of crucial revenue.
In response, the government has introduced a series of measures to curb illegal trade and ensure Ghana benefits fully from its natural resources.
A key initiative in this effort is the establishment of the Ghana Gold Board (GoldBod)—a new regulatory body that will oversee the sector, combat smuggling, and promote responsible gold trade. The government is also working closely with the UK-Ghana Gold Programme, which aims to sever ties between illegal artisanal mining and organized crime.
“To further stabilize the sector, the government will fund GoldBod to purchase three tonnes of gold per week, bolstering Ghana’s foreign exchange reserves. In a major policy shift, the government will abolish the 1.5% withholding tax on unprocessed gold as part of the 2025 Budget, a move aimed at encouraging legal trade and boosting economic growth.”
Gold is one of Ghana’s most valuable natural resources, but for too long, illicit smuggling has deprived our economy of billions in revenue.
— Cassiel Ato Forson(PhD) (@Cassielforson) March 25, 2025
At the peak of our economic crisis in 2022, 60 tonnes of gold—worth an estimated $1.2 billion—left Ghana through illegal channels.… pic.twitter.com/1p4GqnUAO0
Dr. Forson said these efforts would help Ghana reclaim control of its gold industry, disrupt smuggling networks, and ensure the country’s mineral wealth benefits its citizens.
“This is just the beginning—together, we will build a stronger, more prosperous Ghana,” he stated.
