Finance Minister Dr. Cassiel Ato Forson has described gold smuggling as an economic sabotage undermining national development and threatening economic stability – that demands an uncompromising national response at the inauguration of the GoldBod Task Force.
The Finance Minister opened his remarks by thanking President John Dramani Mahama for the opportunity to participate in what he called a defining moment for Ghana’s fight against economic crime.
“Your excellency, gold is one of Ghana’s most valuable natural resources, but for too long, illicit smuggling has deprived our economy and our country of billions in revenue and foreign exchange.
“This nation wrecking act has gone on for far too long and the consequences have been dire and severe on the people of Ghana”
Dr. Cassiel Ato Forson, Minister of Finance
According to him, during the peak of the country’s financial crisis in 2022, Ghana lost 60 tons of gold worth approximately 1.2 billion US dollars through illegal export channels.
He noted that this occurred at a time when the Bank of Ghana’s reserve position was less than 300 million dollars – barely half of what the country was seeking from the International Monetary Fund in bailout support.
Dr. Forson revealed that over the last decade, an estimated 600 tons of gold had been smuggled out of the country. “In the last five years alone, approximately 12 billion US dollars has left the shores of Ghana unaccounted for,” he said, challenging the public to imagine the impact those lost funds could have had on the country.
“Imagine 12 billion dollars translating into foreign exchange and supporting Ghana’s reserve position. Certainly, our national currency will be stable. Or imagine the number of hospitals, schools, water, and roads that revenue from these smuggled gold resources would have been used for”
Dr. Cassiel Ato Forson, Minister of Finance
A Ruthless Stand
The Finance Minister stressed the need for an aggressive and coordinated crackdown. “This is something we need to confront head on,” he insisted.
“It is time for us to be decisive and ruthless towards those who are sabotaging the economy of Ghana,” he said, calling gold smuggling a systemic threat that undermines the country’s sovereignty over its natural resources.
“The people of Ghana deserve better. Defeating gold smuggling and its syndicates will place our country firmly in our control from our gold resources and ensure Ghana benefits fully from its gold”
Dr. Cassiel Ato Forson, Minister of Finance
Dr. Forson pledged full support from his Ministry to ensure the success of the newly inaugurated and outdoored task force.
He commended the collaborative work already being done by the Ghana GoldBod in the first half of the year, calling them “very impressive” and expressed optimism about the potential of the initiative for the country’s future.
“Today, gold from small scale mining has far exceeded that of large scale gold mining,” he added, arguing that this shift was a testament to the growing impact of government reforms and a sign that stricter oversight and fairer trade practices were beginning to work.
As sector minister, Dr. Forson appealed directly to the newly inaugurated task force “to go out there to work in the interest of the people of Ghana.” He urged the task force members to intensify their vigilance, uphold the laws, and remain focused on the mandate of protecting Ghana’s gold sector.
“Please help us, let’s chase the smugglers out of our country,” he added.
With strong backing from the Ministry of Finance and the Office of the President, the GoldBod Task Force is expected to play a central role in reversing the trend of illegal gold exports.
Officials say it forms part of a broader push to ensure transparency and traceability across Ghana’s mineral production chain, and to shore up the national treasury through sustained enforcement.
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