Ghana’s Finance Minister, Dr. Cassiel Ato Forson, has sounded the alarm over the staggering scale of gold smuggling that undermined the country’s economy during its most critical moments.
In a candid social media post, the Minister revealed that in 2022 alone—amid a deep economic crisis—60 tonnes of gold, valued at approximately $1.2 billion, were illegally exported from Ghana.
Dr. Forson did not mince words, describing the act as a “nation-wrecking” betrayal that stripped Ghana of much-needed revenue, exacerbated foreign exchange shortages, and weakened national reserves at a time when the country was seeking a $3 billion bailout from the International Monetary Fund (IMF).
“This criminal enterprise has gone on for far too long,” he lamented. “The consequences have been very dire.”
The Minister drew a sharp contrast between the value of the smuggled gold and the support sought from the IMF, pointing out that the illicit trade directly sabotaged Ghana’s financial sovereignty. Even more troubling, he said, is the estimated 600 tonnes of gold smuggled over the past decade—potentially worth over $12 billion in lost revenue and foreign exchange.
“This money could have transformed our reserves position and funded national development,” he stated.
Calling for a new era of accountability, Dr. Forson urged a relentless crackdown on the criminal networks behind the illegal gold trade. “It is time to be decisive and ruthless toward those sabotaging the economy of Ghana. Ghanaians deserve better,” he declared.
He praised the recent strides of the Ghana Gold Board in addressing the issue and affirmed his full backing for the agency’s efforts. He also highlighted the inauguration of a special task force dedicated to fighting gold smuggling, describing it as a crucial move to reclaim Ghana’s control over its mineral wealth.
With mounting public concern over resource governance, Dr. Forson’s call reflects a growing demand for transparency and stronger enforcement in the country’s gold sector—an area long plagued by regulatory gaps and corruption.
