The Minister of Finance, Dr Cassiel Ato Forson, has noted that while gold is one of Ghana’s most valuable natural resources, illicit smuggling has long deprived the country of billions of dollars in revenue.

He argued that the height of Ghana’s economic crisis in 2022 was as a result of an estimated 60 tonnes of gold smuggled out of the country illegally, worth $1.2 billion.

He said the significant impact this lost wealth could have had if it had remained within the economy is monumental.

Dr Ato Forson, on Monday, March 24, 2025, met with officials from the UK-Ghana Gold Programme to discuss strategies to ensure Ghana fully benefits from its gold resources while combating smuggling and illegal trade.

In a post on his X page sighted by GhanaWeb Business, Ato Forson said “One of the key steps in this effort is the establishment of the Ghana Gold Board (GoldBod)—a game-changing institution that will regulate the gold sector, curb smuggling, and promote responsible gold trade. Through the UK-Ghana Gold Programme, we are working closely with the Economic and Organised Crime Office (EOCO) to stop gold smuggling at key entry points like Bole’’

He added that the Gold Board is working with the Economic and Organised Crime Office (EOCO) to also enhance price mechanisms, introduce pre-financing options and encourage whistleblowing on smuggling activities in the country.

SP/AE

Gold is one of Ghana’s most valuable natural resources, but for too long, illicit smuggling has deprived our economy of billions in revenue.

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

— Cassiel Ato Forson(PhD) (@Cassielforson) March 25, 2025