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.
The Finance minister Dr. Cassiel Ato Forson on Monday met with officials from the UK-Ghana Gold Programme, an initiative dedicated to breaking the link between illegal artisanal gold mining and serious organized crime (SOC).
Their discussions focused on how to ensure Ghana benefits fully from its gold resources while combating smuggling and illegal trade.
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, government will be working closely with the Economic and Organised Crime Office (EOCO) to stop gold smuggling at key entry points like Bole.
Additionally, GoldBod is collaborating with the Precious Minerals Marketing Company (PMMC) to enhance pricing mechanisms, introduce pre-financing options, encourage whistleblower reporting of smuggling, and adopt responsible sourcing practices aligned with London Bullion Market Association (LBMA) certification.
To further support this vision, the government has pledged to fund GoldBod to purchase 3 tonnes of gold every week, strengthening our foreign exchange reserves. Additionally, in a major policy shift, we will abolish the 1.5% withholding tax on unprocessed gold as part of the 2025 Budget—a move that will encourage more legal gold trade and drive 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.
Source:Mybrytfmonline.com/Kwabena Nyarko Abronoma
