Finance Minister Ato Forson Declares War on Gold Smuggling Syndicates

By Joylinda Laryea / July 9, 2025

Ghana’s Finance Minister, Hon. Cassiel Ato Forson, has sounded a strong warning to gold smugglers, describing their activities as a nation-wrecking act that has deprived the country of billions in revenue and foreign exchange.

In a passionate Facebook post, the Minister decried the long-standing problem of illicit gold smuggling, which he says has had devastating consequences on Ghana’s economy. He cited data showing that during the peak of Ghana’s economic crisis in 2022, over 60 tonnes of gold worth an estimated $1.2 billion at the time were illegally exported from the country. That figure alone, he noted, was nearly half of the bailout package Ghana was negotiating with the International Monetary Fund (IMF).

According to Hon. Forson, a staggering 600 tonnes of gold valued at over $12 billion have been smuggled out of Ghana over the past decade.

“Imagine $12 billion translating into foreign exchange and supporting Ghana’s reserves position. Or imagine the number of hospitals, schools, water systems, and roads that revenue from these smuggled resources could have been used for,” the Minister lamented.

He emphasized the urgent need for a decisive and ruthless crackdown on the gold smuggling syndicates that continue to undermine the nation’s development efforts.

“Ghanaians deserve better. Defeating the gold smuggling syndicate will place our country firmly in control of our gold resources and ensure that Ghana benefits fully from its gold,” he stated.

Hon. Forson pledged his full support to the Ghana Gold Board, and expressed optimism about recent progress, noting that half-year data from the Board’s operations show very encouraging results.

He concluded by welcoming the inauguration of a new task force dedicated to targeting and dismantling smuggling operations, stating confidently, “Things can only get better.”