Dr. Steve Manteaw, Co-Chair of the Ghana Extractive Industry Transparency Initiative (GHEITI), has sounded the alarm over the growing threat of gold smuggling, warning that the country could lose billions in revenue if urgent measures are not taken to tighten and enforce export laws.
His warning comes in response to recent revelations by Finance Minister Dr. Cassiel Ato Forson, who disclosed that Ghana lost approximately $1.2 billion worth of gold due to illegal smuggling activities.
The finance minister’s statement has sparked concerns over the effectiveness of regulatory frameworks in the country’s mining sector.
Speaking on the matter, Dr. Manteaw emphasized the urgent need for stricter monitoring and enforcement mechanisms to curb the illicit trade of gold. “We cannot afford to allow such massive losses to continue.
If immediate action is not taken to tighten regulations and enhance border controls, Ghana’s economy will suffer significantly,” he stated.
He urged the government to implement stricter penalties for offenders, improve coordination among security agencies, and invest in technology-driven tracking systems to monitor gold exports more effectively.
Additionally, he called for greater transparency in the licensing and exportation of gold to prevent corruption and illegal dealings within the industry.
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