Ghana is considering various strategies to combat the illicit trade of gold, with the goal of maintaining the gold-for-oil policy.
Energy Minister Matthew Opoku Prempeh has suggested that individuals who expose smugglers through whistleblowing might receive rewards in the form of gold in the near future.
The objective is to control the outflow of gold from the country, ensuring the Bank of Ghana continues to possess sufficient gold for exchange to obtain cost-effective fuel.
Dr. Prempeh articulated his belief that enlisting Ghanaians as watchdogs against gold smuggling would bolster the program’s viability.
He proposed a 20% gold reward for those whose tips lead to arrests, a step that is currently under consideration for formal policy adoption.
“We’re saying anybody who gives a tipoff or tells us and identifies anybody smuggling gold and leads to an arrest, that person will get 20% of the gold. And I’m sure very soon they’ll come up’, he said, adding: “Because I believe that nobody makes 20% of this whole business, the person who is coming to buy the gold doesn’t make 20%”.
“So, if Ghanaians who are aiding them to smuggle the gold now can benefit from 20%, [it’ll curb the smuggling],” he said.
“The level that is being exported to lobby is gradually tipping, so, we might come up formally and announce that policy,” he said at the Rotary Club of Accra Ring Road Central on Tuesday, 22 August 2023.