Ghana’s Minister for Finance, Dr. Cassiel Ato Forson, has made a startling revelation about the scale of gold smuggling in the country.
According to Dr. Forson, 60 tonnes of gold, worth an estimated $1.2 billion, were smuggled out of Ghana at the height of the economic crisis in 2022. This amount is nearly half of the $3 billion bailout Ghana sought from the International Monetary Fund (IMF) to stabilize the economy.
Dr. Forson lamented that smuggling operations have deprived the country of much-needed foreign exchange and development resources. “This nation-wrecking act has gone on for far too long, and the consequences have been very dire,” he stated. He emphasized that the value of the smuggled gold could have made a significant difference in Ghana’s economic situation.
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 benefit for its citizens.
Dr. Forson also pledged his 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.
The Finance Minister referenced the estimated 600 tonnes of gold believed to have been smuggled over the past decade, worth around $12 billion. “Imagine $12 billion translating into foreign exchange and supporting Ghana’s reserves position,” he wrote. This staggering amount highlights the severity of the problem and the need for immediate action.
Source: Apexnewsgh.com/Ngamegbulam Chidozie Stephen
