The Ghanaian government has announced a revolving fund aimed at purchasing all gold produced by small-scale miners, addressing the nation’s substantial revenue losses from gold smuggling.
Gold smuggling has reportedly cost Ghana nearly $10 billion in lost revenue, almost double the $5 billion worth of gold legally exported in 2024. This was revealed by Finance Minister Dr. Cassiel Ato Forson during a press briefing.
The fund is expected to streamline the small-scale mining sector, reduce smuggling, and channel gold transactions through formal mechanisms, bolstering national revenue.