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Finance Minister outlines new gold policies to boost reserves and curb smuggling

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Finance Minister Dr. Cassiel Ato Forson has announced a set of policy measures aimed at strengthening Ghana’s foreign exchange reserves, improving gold sector governance, and reducing illegal mining and smuggling.
Presenting the policy directions in Parliament, he explained that government will revise the current arrangement under which the Bank of Ghana acquires 20 percent of large scale gold output.
He indicated that an Inter Agency Committee will be formed to ensure compliance by mining firms.
The committee, he noted, will be co chaired by the Ministers for Finance and Lands and Natural Resources, with membership drawn from the Governor of the Bank of Ghana, as well as the heads of the Minerals Commission and the Ghana Gold Board.
According to him, the Minister for Lands and Natural Resources will invoke the state’s preemption rights under the Ghana Gold Board Act, 2025 and the Minerals and Mining Act, 2006 to purchase a minimum of 20 percent of gold produced by large scale mining companies.
He stated that this is expected to translate into at least 0.57 tonnes of gold per week.
He stressed that the gold purchased will be in doré form and processed locally to promote value addition.
Payments, he added, will be made in cedis at the prevailing interbank exchange rate, with discount rates determined by volume.
Dr.Forson further explained that the refined gold will eventually be added to Ghana’s physical reserves, and that any future sale by the central bank will require prior approval from Cabinet and Parliament.
He maintained that these measures will improve transparency, promote local refining, and reduce acquisition costs while ensuring that mining companies meet their obligations.
Turning to the artisanal and small scale mining sector, he stated that the Ghana Gold Board will adopt strategies to purchase at least 2.45 tonnes of gold weekly through official channels.
Over the next three years, he projected that the country could mobilise about 127 tonnes of gold annually from the sector, which at current prices could generate more than 20 billion dollars in foreign exchange each year.
To achieve this, he noted that the Gold Board will secure sufficient funds to sustain market participation and assume full responsibility for signing off take agreements and selling gold procured from the sector starting March 2026.
He added that the Board will introduce risk management tools, including gold backed derivative trading and hedging programmes, to reduce market losses.
Dr.Forson also pointed to price incentives and bonuses for licensed miners as part of efforts to discourage smuggling and encourage legal sales.
Beyond the gold sector, he outlined broader measures to improve foreign exchange inflows, including the expansion of non traditional exports such as cashew, shea, and rubber, as well as efforts to revive the cocoa sector.
He mentioned the development of new oil palm plantations and the acceleration of new oil field projects, including Pecan, to support export earnings.
The minister also addressed energy sector financing, noting that Ghana has historically spent about three billion dollars annually to cover shortfalls and payments to independent power producers.
He explained that the proposed Gas to Power Transformation Policy, which includes the construction of a state owned 1,200 megawatt power plant and a second gas processing facility, will help conserve foreign exchange.
Dr.Forson emphasised that maintaining fiscal discipline, particularly achieving a primary surplus, remains critical to slowing the depletion of the country’s reserves.
By: Jacob Aggrey
News
Police arrest suspected romance scammer over fraud, sharing of intimate images

The Ghana Police Service has arrested a man suspected of running a romance scam that targeted women with false marriage promises, blackmail, and the non-consensual sharing of intimate images.
The suspect, Nana Yaw Bonsu Kwarteng, was arraigned alongside Sally Akosua Amoasah before the Accra Circuit Court 1 on charges of conspiracy to commit crime, defrauding by false pretences, and non-consensual sharing of intimate images.
According to preliminary investigations, Kwarteng posed as a pastor conducting online church services on Instagram. He allegedly told women that “God had revealed” they were his future wives.
To gain their trust, police say he went as far as meeting their families and presenting them with promise rings.
Investigators allege the suspect then obtained intimate images of some victims and used them to blackmail them for money.
He is also accused of introducing victims to a fake car tyre business. Under the pretext of shipping and clearing containers of tyres, he allegedly collected thousands of dollars from them before becoming unreachable.
Police further allege that Kwarteng shared the intimate images of some victims with his wife, Sally Akosua Amoasah, who is also accused of threatening the victims.
Seven victims have so far reported the matter to the Police. Investigations indicate the offences date back to 2021.
The court remanded Nana Yaw Bonsu Kwarteng into Police custody to reappear on August 6, 2026. Sally Akosua Amoasah was granted bail.
The Ghana Police Service says it continues to receive complaints from other possible victims.
The Service is urging anyone who may have had similar encounters with the suspect to report to the nearest Police station to assist with ongoing investigations.
By Edem Mensah-Tsotorme
News
Tourism industry mourns Prince Anthony Bart-Appiah

Ghana’s tourism industry is in mourning following the sudden death of Prince Anthony Bart-Appiah, a pioneering figure credited with helping to reconnect the African diaspora to the continent.
Prince Anthony passed away in the early hours of Saturday, July 26, 2026, at his private residence in Spintex, Accra.
He was instrumental in the development and promotion of “The Year of Return,” the flagship tourism campaign that invited members of the African diaspora to return to Ghana in 2019.
The initiative is widely regarded as a turning point that boosted Ghana’s tourism numbers and strengthened cultural ties with Black communities across the world.
Beyond his work with the GTA, Prince Anthony was the Chief Exexutive Officer (CEO) of Bridgezone, an agency dedicated to showcasing Africa to Western audiences and fostering cultural and business connections between the continent and the diaspora.
Colleagues describe him as passionate, strategic, and committed to telling authentic African stories that drive tourism, investment, and pride.
Widely known as Prince Anthony, he served as a Board Member of the Ghana Tourism Authority from 2025 to date.
A former British Army officer and a royal of the Akwamu clan, he brought discipline, vision, and a deep sense of heritage to every role he held
Prince Anthony was also a proud father to two teenagers, whom he deeply cherished.
In a statement, the *Ghana Tourism Authority extended its heartfelt condolences to the grieving family, friends, and all sympathizers.
“The tourism industry has lost a pioneering figure and a vital link to the diasporan community,” the statement read.
The statement further added that “We pray for strength for the family during this difficult time.”
Tributes have since poured in from tourism stakeholders, creatives, and diasporan groups who say Prince Anthony’s legacy will continue to shape how the world sees and experiences Ghana.
By Edem Mensah-Tsotorme







