Ghana’s Minister for Finance, Dr. Cassiel Ato Forson, has revealed that 60 tonnes of gold, valued at an estimated $1.2 billion, were smuggled out of the country at the height of the economic crisis in 2022.
He made this revelation in a social media post, highlighting the scale of illicit gold trade and its devastating impact on the national economy.
“This nation-wrecking act has gone on for far too long, and the consequences have been very dire,” he stated.
Dr. Forson noted that the value of the smuggled gold was nearly half of the $3 billion bailout Ghana secured from the International Monetary Fund (IMF) to stabilise the economy.
He lamented that such smuggling operations have deprived the country of much-needed foreign exchange and development resources.
“Imagine $12 billion translating into foreign exchange and supporting Ghana’s reserves position,” he wrote, referencing the estimated 600 tonnes of gold believed to have been smuggled over the past decade.
The Finance Minister underscored the urgency for bold action, calling for firm and 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 benefits for its citizens.
Dr. Forson also pledged continued 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.
Source: Ernest Arhinful
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