$1.2 Billion Worth of Gold Smuggled Out of Ghana in 2022 – Finance Minister
The Minister for Finance, Cassiel Ato Forson, has disclosed that the country lost billions in revenue after some 60 tonnes of gold was smuggled out of the country three years ago.
The value of the smuggled mineral is estimated at $1.2 billion, he said on Facebook.
As part of measures to clamp down on these illicit activities, the Minister said a UK-Ghana Gold Programme has been instituted to work closely with the Economic and Organised Crime Office (EOCO) to stop gold smuggling at key entry points like Bole.
The initiative, he said, is purposed at breaking the link between illegal artisanal gold mining and serious organized crime (SOC).
The officials of the Programme during a meeting with Minister on Monday devised measures to deal with the illicit activity including a collaboration with the Precious Minerals Marketing Corporation (PMMC).
“UK-Ghana Gold Programme is collaborating with the Precious Minerals Marketing Company (PMMC) to enhance pricing mechanisms, introduce pre-financing options, encourage whistleblower reporting of smuggling, and adopt responsible sourcing practices aligned with London Bullion Market Association (LBMA) certification.”
The government also plans to abolish the 1.5% withholding tax on unprocessed gold to encourage more legal gold trade and drive economic growth.
“To further support this vision, the government will fund GoldBod to purchase 3 tonnes of gold every week, strengthening our foreign exchange reserves,” the Minister added.
Source: opemsuo.com/Hajara Fuseini
