On an intriguing Saturday in March 2025, a thought-provoking post emerged from Dr. Forson on X, formerly known as Twitter. It wasn’t just a casual tweet; it was a call to arms against the shadowy corridors of Ghana’s gold smuggling scene that gnaw at the heart of the nation’s economy. Imagine strolling through a marketplace, every corner brimming with the vibrant pulse of life. Now picture how that energy dims when the wealth that should fuel such vibrancy slips insidiously into the abyss of illicit trade.
At the height of an economic storm in 2022, a staggering fact unfolded—a hidden migration of approximately 60 tonnes of Ghana’s glittering gold. Estimated at a heart-stopping $1.2 billion, these precious metals were spirited away through devious networks that thrive on bleakness and strife. Dr. Forson unveiled this uncomfortable truth, prompting a reflective pause. What scenarios might have played out if this enormous treasure had stayed to seed growth and stability within Ghana?
“Imagine the impact if that wealth had stayed in our economy!” As Dr. Forson pointedly remarked, urging immediate and tangible reforms in the gold sector, one had to wonder about the untapped potential this wealth represented. It’s the kind of change not just written in policies but echoed in the streets and lives of everyday Ghanaians.
Taking steps backed by thoughtful dialogue, Dr. Forson entered discussions with UK-Ghana Gold Programme officials. This partnership aims to disconnect illegal artisanal mining from the chains of organized crime. So, what are the strategies on the table? Is it about waging a war on ground level or something more nuanced, akin to turning a sprawling and chaotic garden into an organized and fruitful landscape?
Creation of Ghana Gold Board (GoldBod)
Enter the Ghana Gold Board (GoldBod), the brainchild of much deliberation and strategic insight. This pivotal institution serves not just as a watchtower but also as a beacon guiding the way towards responsible and sustainable mining practices. It’s more than just an overseer; it is a conglomerate of purpose, designed to curb illegal practices effectively.
With GoldBod working in unison with the Economic and Organised Crime Office, joint efforts aim to tighten the net around notorious smuggling hubs like Bole. Through collaboration with the Precious Minerals Marketing Company, GoldBod seeks to refine pricing structures, introduce pre-financing for gold traders, and spark an era where whistleblowers become revered instead of feared.
GoldBod isn’t merely about control but about compliance too, aligning itself with the high standards of the London Bullion Market Association. This alignment isn’t just about tape measuring ethics—it’s about placing Ghana on the map of globally recognized and transparent gold trade practices.
As Ghana inches towards economic stability, the government has pledged financial support for GoldBod to acquire three tonnes of gold per week—an ambitious stride intending to enhance Ghana’s foreign reserves. Is this the dawn of a new economic narrative for Ghana?
Abolition of 1.5% withholding tax on unprocessed gold
A transformative wind of change breezes through with the government’s decision to abolish the 1.5% withholding tax on unprocessed gold. Envisioned in the 2025 Budget, this policy recalibration endeavors to encourage legal gold trading, boost state revenues, and dampen the allure of smuggling.
The result of these reforms, Dr. Forson assures the citizenry, will revitalize control over the gold landscape, dismantling illicit networks with the ruthless precision of long-overdue justice. It’s not just about regaining control; it’s about ensuring that wealth touches every Ghanaian, fostering an era where trade reflects the nobility of its gold.
“These efforts will put Ghana back in control of its gold industry, disrupt illegal networks, and ensure that our gold works for Ghanaians. This is just the beginning—together, we will build a stronger, more prosperous Ghana!” Dr. Forson’s final words ring like a clarion call, signaling a concerted effort to rebuild, redefine, and reinvest in Ghana’s rich heritage and potential.
With these comprehensive interventions, the Mahama administration is not just patching wounds but laying down the foundations for an economic renaissance—a journey towards transforming Ghana’s gold sector into a paragon of transparency and growth, ushering a future where hope is not just imagined but lived.
Edited By Ali Musa, Axadle Times International–Monitoring.
