The Finance Minister, Dr. Cassiel Ato Forson has announced a transformative plan to streamline the small-scale gold mining sector.
According to him, the initiative will feature the establishment of a revolving fund, specifically designed to purchase all the gold produced by the small-scale mining sector.
“The government of Ghana will provide the revolving fund enough to purchase all gold from small scale mining sector.”
Speaking to the media, Dr. Ato Forson stated that, for the year 2024 alone, Ghana legally exported almost $5 billion worth of gold from its small-scale miners.
“However, research indicates that, the value of gold smuggled out of Ghana from small scale mining is nearly double the official figures. This highlights the significant foreign exchange losses that has accrued the state time past”.
Dr. Ato Forson emphasized that, by formalizing the process, the government hopes to enhance Ghana’s foreign exchange accumulation and stabilize the cedi.
“Streamlining the gold small scale mining sector, curbing smuggling and directing gold purchase through formal channels will help Ghana improve its foreign exchange accumulation and help stabilize the cedis”.
