Ghanaian economy has not realised the full benefit of our gold resources – Ato Forson laments

Accra, May 19, 2025 — Ghana’s Finance Minister, Dr. Cassiel Ato Forson, has stated that despite the country’s position as one of the world’s leading gold producers, it is yet to reap the full economic benefits from its vast gold resources.

Speaking at the inauguration of the Board of Directors of the Ghana Gold Board on Monday, Dr. Forson attributed the shortfall to the country’s long-standing dependence on traditional revenue streams such as royalties and taxes, which, he argued, limit Ghana’s potential in the sector.

“Historically, Ghana’s revenues from gold have been confined to traditional sources such as royalties and taxes. The Ghanaian economy has not realised the full benefit of our gold resources,” Dr. Forson said.

To address this, the minister called for a bold shift in strategy—from raw exportation to full-scale value-chain optimisation. He urged stakeholders in the industry to explore opportunities along every stage of the gold value chain, from extraction and refining to value addition and global marketing.

“The time has come for Ghana to expand beyond royalties and taxes by harnessing the entire value chain of gold,” he emphasised.

Dr. Forson described the newly inaugurated Ghana Gold Board as a strategic institution that will play a central role in this transformation, with a mandate to lead reforms and strengthen the marketing of Ghana’s gold resources.

The Finance Minister also revealed that the government is preparing to roll out a targeted programme to formalise gold trading, particularly within the small-scale mining sector—a space that currently accounts for a significant portion of Ghana’s gold production but is plagued with informality and revenue leakage.

“This initiative will help enhance transparency, ensure accountability, and increase Ghana’s gold revenues through better integration into the global market,” Dr. Forson explained.

The programme is expected to promote traceability standards in gold trading, boost international credibility, and unlock additional revenue for the country.

Dr. Forson’s remarks come at a time when Ghana is seeking to diversify its revenue streams and stabilise its economy through more sustainable and value-driven use of natural resources.

The inauguration of the Ghana Gold Board is seen as part of broader reforms to reposition the mining sector as a transformative pillar of national development.

Stakeholders hope the move will translate into job creation, foreign exchange gains, and a stronger industrial base for gold value addition within Ghana.