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Business News of Tuesday, 23 January 2018


Ghana loses $30 billion annually through gold smuggle - Prof Frimpong Boateng

The Environment, Science, Technology and Innovation Minister, Prof Kwabena Frimpong Boateng has revealed that, over $30 billion worth of illegally mined Gold is smuggled from Ghana every year .

He also disclosed that over the years Ghana has lost billions of dollars through illegal Gold mining as foreigners engaged in the value chain smuggle of the product in the country at the expense of Ghana.

“The sad thing is that we lose about $30billion a year from illegal mining activities that is what the foreigners take away. Small country in the Middle East alone got $7 billion, and we Ghanaians we say that we retained only $2billion, we cannot go on like that, and you see, the things that are happening to us especially the Chinese, they look at us as to where to invest and how to invest and I know, they will not invest in any factory, they will not invest in any Industrial park “.

“Why should we lose billions of dollars and go round and borrow $200 million, $10million for our country, I think it is a shame,” Prof. Frimpong-Boateng added

The Minister commented on this situation on Monday 22nd January 2018 during the inauguration of Municipal and District Committees against illegal mining for nine districts namely East Akyim, West Akyim ,Denkyenbour,Atiwa ,Fanteakwa, Birim north,Birim central and Kwaebibrim.

The inaugural ceremony was held at Kibi in the East Ayim municipality of the Eastern Region with a seed capital of Ghc 10,00 to each committee to start work.