Ghana’s Minister for Finance, Dr Cassiel Ato Forson, has revealed that 60 tonnes of gold, worth an estimated $1.2 billion, were smuggled out of the country at the height of the economic crisis in 2022. 

He made this revelation in a social media post highlighting the scale of the illicit gold trade and its devastating impact on the national economy. 

“This nation-wrecking act has gone on for far too long, and the consequences have been very dire,” he stated.

Dr Forson pointed out that the value of the smuggled gold was nearly half of the $3 billion bailout Ghana sought from the International Monetary Fund (IMF) to stabilise the economy. 

He lamented that smuggling operations have deprived the country of much-needed foreign exchange and development resources. 

For too long, illicit smuggling has deprived our economy of billions in revenue and foreign exchange. This nation-wrecking act has gone on for far too long, and the consequences have been very dire.

3. For example, at the peak of our economic crisis in 2022, 60 tonnes of gold… pic.twitter.com/G7bVRsi6ID

— Cassiel Ato Forson (PhD) (@Cassielforson) July 8, 2025

“Imagine $12 billion translating into foreign exchange and supporting Ghana’s reserves position,” he wrote, referencing the estimated 600 tonnes of gold believed to have been smuggled over the past decade.

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.