Finance Minister Dr Cassiel Ato Forson on Monday met with officers from the UK-Ghana Gold Programme to debate methods to curb gold smuggling and guarantee Ghana totally advantages from its gold sources.
The UK-Ghana Gold Programme is a collaborative initiative geared toward breaking the hyperlink between unlawful artisanal gold mining and critical organised crime (SOC).
Throughout the assembly, stakeholders underscored the influence of illicit gold commerce on Ghana’s economic system, noting that in 2022 alone, 60 tonnes of gold – value an estimated $1.2 billion – have been smuggled in a foreign country.
To deal with this problem, discussions centered on the institution of the Ghana Gold Board (GoldBod), which can oversee gold commerce, deal with smuggling, and promote accountable sourcing.
The initiative has already gained the help of the UK/Ghana Gold Programme, which is working intently with the Financial and Organised Crime Workplace (EOCO) to fight gold smuggling at key border factors corresponding to Bole.
The assembly additionally highlighted ongoing collaborations between the UK/Ghana Gold Programme and the Treasured Minerals Advertising and marketing Firm (PMMC), specializing in trade reforms, together with gold pricing mechanisms, pre-financing choices, whistleblower safety for reporting smuggling, and making certain accountable sourcing aligned with London Bullion Market Affiliation (LBMA) certification.
In a daring transfer to help Ghana’s gold commerce, the federal government will fund GoldBod to buy 3 tonnes of gold each week, a technique geared toward boosting international change reserves.
Moreover, as a part of the 2025 Funds, the federal government is about to abolish the 1.5% withholding tax on unprocessed gold, a coverage shift anticipated to encourage extra formal gold commerce and scale back smuggling.
Dr Forson emphasised that these measures will assist Ghana regain management of its gold trade, disrupt unlawful commerce networks, and make sure the nation reaps the complete advantages of its pure sources.
The collaboration between Ghana and the UK marks a major step towards ending gold smuggling and fostering a extra clear and worthwhile gold sector.
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