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

Finance Minister Dr. Cassiel Ato Forson stated that Ghana has not fully benefited from its gold resources.

He noted that this is due to the country's reliance on traditional revenue sources like royalties and taxes.

At the inauguration of the Ghana Gold Board on May 19, Dr. Forson expressed concern about this issue. He said gold is vital for the economy, but current practices limit its potential.

“Ghana’s revenues from gold have mainly come from royalties and taxes,” he explained. “We have not realized the full benefit of our gold resources.”

Dr. Forson urged a comprehensive value-chain approach for gold production. He emphasized that Ghana should move beyond just exporting raw materials.

“The time has come to harness the entire value chain of gold,” he said.

To achieve this, he called for optimizing every stage of production—from extraction to international marketing.

He highlighted the new Ghana Gold Board as crucial for marketing gold resources and overseeing sector reforms.

Dr. Forson mentioned that the government plans to formalize gold trading in small-scale mining.

This program aims to improve traceability and increase international acceptance of Ghana's gold.

"This initiative will enhance transparency, ensure accountability, and boost revenues," he concluded.