Ghanaians Shócked As Ato Forson Exposes How $12 Billion In Gold Was Smuggled Out Under Ex Govt

Finance Minister Dr. Cassiel Ato Forson says Ghana has suffered losses exceeding $12 billion in the last ten years because of the illegal smuggling of gold.

The Finance Minister made the disclosure in Accra at the inauguration of the GoldBod Task Force, where he described gold smuggling as an activity capable of seriously damaging the nation’s economy.

Dr. Forson revealed that an estimated 600 tonnes of gold left Ghana illegally over the past decade, with the value of the precious metal placed at more than $12 billion.

He explained that the continued smuggling of gold has contributed to the depletion of Ghana’s foreign reserves while depriving the country of revenue that could have supported development projects.

The minister further disclosed that the country lost roughly $1.2 billion through gold smuggling in 2022, a period when Ghana was dealing with a major financial crisis. According to him, the amount was close to the IMF assistance the country was pursuing during that period.

Dr. Forson said the resources lost through illegal gold exports could have made a major difference if they had stayed in the country. He pointed to the possibility of using such funds to provide schools, hospitals, roads and reliable water systems.

He therefore called for decisive action against those involved in the illegal trade and promised strong government support for the GoldBod Task Force as it works to stop unlawful gold exports.

The Finance Minister stressed that Ghana’s gold wealth must benefit the Ghanaian population instead of being diverted into the hands of criminals.

Following the announcement, citizens and civil society groups have renewed demands for authorities to investigate the practice, ensure accountability and prosecute individuals found to be involved.

The GoldBod Task Force will now take a leading role in efforts to protect Ghana’s gold resources, reduce smuggling and help improve the country’s economic self-sufficiency.