Ghana’s Minister of Finance, Dr Cassiel Ato Forson, has revealed that 600 tonnes of gold, worth an estimated $1.2 billion, were smuggled out of the country at the height of the economic crisis in 2022.
According to him, the value of the smuggled gold was nearly half of the $3 billion bailout Ghana sought from the International Monetary Fund (IMF) to stabilise the economy.
He lamented that smuggling operations have deprived the country of much-needed foreign exchange and development resources.
“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. Imagine $12 billion translating into foreign exchange and supporting Ghana’s reserves position,” he said.
Dr Forson stressed the need for bold action, calling for decisive measures against those sabotaging Ghana’s economy.
“It is time for us to be decisive and ruthless towards those who are sabotaging the economy of Ghana. Ghanaians deserve better,” he declared.
He expressed hope that curbing smuggling would allow the country to regain control over its gold resources and ensure maximum benefit for its citizens.
The minister also pledged his support for the Ghana Gold Board, which he said has shown impressive progress in the first half of the year.
“Defeating the gold smuggling syndicate will place our country firmly in control of our gold resources,” he noted.
He added that the recent inauguration of a special task force to combat smuggling would enhance efforts to tackle the problem and recover lost revenue.
