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

Finance Minister Dr. Cassiel Ato Forson has revealed that Ghana has lost more than $12 billion over the past decade due to the illegal smuggling of gold, warning that the practice poses a serious threat to the country’s economic stability.

He made the disclosure in Accra during the inauguration of the GoldBod Task Force, where he highlighted the financial consequences of illegally exporting the country’s precious mineral resources.

According to Dr. Forson, approximately 600 tonnes of gold were smuggled out of Ghana over the ten-year period, representing an estimated value exceeding $12 billion.

He explained that the illicit trade has weakened the country’s foreign reserves and deprived the government of substantial revenue that could have financed essential development programmes and improved public services.

The minister also disclosed that Ghana lost approximately $1.2 billion through gold smuggling in 2022, when the country was experiencing a severe economic crisis. He noted that the amount was comparable to the financial assistance Ghana was seeking from the International Monetary Fund during that period.

Dr. Forson argued that retaining the revenue generated from the country’s gold resources could have significantly improved national development. He cited potential investments in education, healthcare, road infrastructure and dependable water supply systems as examples of what the lost funds could have supported.

He consequently urged authorities to intensify efforts to identify and prosecute individuals involved in illegal gold trading. He also pledged the government’s support for the GoldBod Task Force as it works to curb smuggling and strengthen oversight of the gold sector.

The minister emphasised that Ghana’s mineral wealth should contribute to the welfare of its citizens rather than enrich individuals engaged in unlawful activities.

His disclosure has renewed calls from members of the public and civil society groups for thorough investigations, greater accountability and stronger enforcement measures.

The task force is expected to play a central role in protecting Ghana’s gold resources, reducing illicit exports and improving the country’s ability to retain revenue from its mineral wealth.