Ghana is considering various actions to nip gold smuggling to sustain the gold for oil policy including rewarding whistleblowers in gold when they expose smugglers.

Energy Minister Dr Matthew Opoku Prempeh explains that this has become crucial in order to control the amount of gold leaving the shores of the country so as to maintain the recent gold-for-oil policy.

The deal which was adopted by government to address the galloping prices of fuel is still producing dividends in pricing.

But to sustain the deal, there has to be continued availability of gold for the Bank of Ghana to exchange for cheaper fuel.

Dr Prempeh who was speaking at the Rotary Club of Accra Ring Road Central on Tuesday said he is of the strong belief making Ghanaians watchdogs in the fight against gold smuggling will help sustain the programme and prove very beneficial for the country.

“We’re saying anybody who gives a tipoff or tells us and identifies anybody smuggling gold and leads to an arrest, that person will get 20% of the gold. And I’m sure very soon they’ll come up.

“Because I believe that nobody makes 20% of this whole business, the person who is coming to buy the gold doesn’t make 20%.

"So if Ghanaians who are aiding them to smuggle the gold now can benefit from 20% [the smuggling will be curtailed],” he said.

He said while the reward is only now a suggestion, there are steps being taken to introduce it as a formal policy.

“The level that is being exported to lobby is gradually tipping, so we might come up formally and announce that policy,” he said.