Finance Minister Dr. Cassiel Ato Forson has lauded the establishment of the Ghana Gold Board (GoldBod) Taskforce, describing it as a major step toward reclaiming control of the country’s gold sector.
Speaking at the official launch of the Taskforce on Tuesday, July 8, 2025, Dr. Forson highlighted the devastating economic impact of gold smuggling over the past decade and pledged the full support of his ministry to the Taskforce’s efforts.
According to the Minister, Ghana has lost billions of dollars due to unchecked smuggling operations, particularly at critical moments in the country’s economic history.
“This nation-wrecking act has gone on for far too long and the consequences have been there severe on the people of Ghana. For example, at the peak of an economic crisis in the year 2022, 60 tons of gold worth approximately 1.2 billion U.S. dollars at the time left Ghana through illegal channels. This came at a time that Ghana’s reserve position was less than 300 million U.S. dollars. That was nearly half of what Ghana was seeking from the IMF Fund as bailout.”
Dr. Forson revealed that over the past 10 years, an estimated 600 tonnes of gold have been smuggled out of the country, translating into about \$12 billion in lost revenue over just the last five years.
“Imagine 12 billion U.S. dollars translating into foreign exchange and supporting Ghana’s reserves, certainly, our national currency will be stable,” he noted. “Or imagine the number of hospitals, schools, water and roads that revenue from these smuggled gold resources would have used for. Mr. President, this is something we need to confront head-on.”
He called for urgent and uncompromising action to dismantle gold smuggling networks, stressing that the people of Ghana deserve better.
The Minister also reported encouraging results from the operations of the Ghana Gold Board so far, noting that gold output from the small-scale sector has now surpassed that of large-scale mining for the first half of the year.
“This can only get better with the inauguration of this task force,” he added. “As a sector minister, I make a solemn pledge to support the Ghana Gold Board and to help them achieve their objectives as enshrined in the laws.”
The GoldBod Taskforce, made up of trained personnel from national security, the military, and other enforcement agencies, is tasked with implementing Act 1140 — which revoked all previously issued licenses by the defunct PMMC and the Ministry of Lands and Natural Resources.
This taskforce will oversee enforcement and ensure strict compliance with the new regulatory framework aimed at bringing transparency and discipline to the small-scale mining sector.
