Finance Minister, Dr. Cassiel Ato Forson, has welcomed the inauguration of the Ghana Gold Board (GoldBod) Taskforce, describing it as a bold and timely move to safeguard the country’s mineral wealth.
Speaking at the launch on Tuesday, July 8, Dr. Forson underscored the critical need for urgent action to curb the longstanding issue of gold smuggling, which he said has cost Ghana billions of dollars over the past decade.
“This nation-wrecking act has gone on for far too long, and the consequences have been severe for the people of Ghana,” he said.
Citing startling figures, the Minister revealed that during the height of the 2022 economic crisis, Ghana lost 60 tonnes of gold—valued at approximately \$1.2 billion—through illegal channels.
At the time, Ghana’s foreign reserves had dropped below \$300 million.
“That was nearly half of what Ghana was seeking from the International Monetary Fund as a bailout,” Dr. Forson noted.
He added that in the past 10 years, an estimated 600 tonnes of gold have been smuggled out of the country, with about \$12 billion lost in just the last five years alone.
“Imagine if this \$12 billion had translated into foreign exchange to support Ghana’s reserves. Our national currency would be far more stable today,” he stressed.
Dr. Forson pledged the Finance Ministry’s full support to the GoldBod Taskforce and affirmed the government’s commitment to restoring transparency and accountability in Ghana’s gold trade.
The launch of the Taskforce represents a major step forward in implementing the Gold Board Act (Act 1140), which was passed to reform Ghana’s gold trade and close loopholes that have enabled widespread smuggling and revenue loss.
The Act dissolved all gold trading licenses previously issued by the defunct Precious Minerals Marketing Company (PMMC) and the Ministry of Lands and Natural Resources, paving the way for a new, tightly regulated system.
The newly established Taskforce is made up of personnel from national security, the military, and other law enforcement bodies.
Source: Starrfm.com.gh
