Minister for Finance, Dr Cassiel Ato Forson, has revealed that Ghana is losing billions in revenue due to illegal transfer of gold, one of the country’s most valuable natural resources.

In a post on X by the Minister, he highlighted the devastating impact of illicit gold smuggling on the nation’s economy, revealing that, at the height of the country’s economic crisis in 2022, an estimated 60 tonnes of gold—worth around $1.2 billion—were smuggled out of the country through illegal channels.

In his post, Dr Forson emphasised the significant economic loss Ghana has endured, questioning the potential economic boost had that gold remained within the country’s economy.

"Imagine the impact if that wealth had stayed in our economy!" he said, underscoring the urgent need to curb illegal mining and smuggling activities that have long deprived the nation of crucial revenue.

Gold is one of Ghana’s most valuable natural resources, but for too long, illicit smuggling has deprived our economy of billions in revenue.

At the peak of our economic crisis in 2022, 60 tonnes of gold—worth an estimated $1.2 billion—left Ghana through illegal channels.… pic.twitter.com/1p4GqnUAO0

— Cassiel Ato Forson(PhD) (@Cassielforson) March 25, 2025

To tackle this issue, Dr Forson announced that he had met with officials from the UK-Ghana Gold Programme, a collaboration focused on severing the links between illegal artisanal gold mining and organised crime.

The programme aims to ensure Ghana benefits fully from its gold resources, while also combating the illegal trade that has been detrimental to the country’s finances.