Ghana loses over $10 billion over unaccounted shipped gold

Ghana is estimated to have shipped over $10 billion worth of gold between 2014 and 2016 which was not accounted for.

Shipping system in Ghana

This follows a report by the Civil Society Platform on Oil and Gas.

The findings revealed that between January 2014 and January 2016, a total of 101,179 kilogrammes of gold was shipped out of Ghana to India alone without going through the necessary processes.

Mr Steve Manteaw, who is the Chairman of the Civil Society Platform, indicated that the amount lost was due to the failure of the Ghana Revenue Authority (GRA) to track the actual amount of gold exported from Ghana resulted in the loss.

The report which is christened, “lifting the veil on the typologies and nature of corruption risks in Ghana’s mining oil and gas sector” aimed at informing the general public about the tendencies of corruption which is denying the country the necessary funds. It as well looks forward to helping the country develop.

Dr Manteaw said, “When you look at our records here in Ghana, there has been a report of about $2 billion, the Swiss government reported something higher than that whiles the Dubai and Indian situation is about $7 billion, bringing all together is in excess of $10 billion unaccounted for.”

He further disclosed that in 2016 the Ghana Revenue Authority completed an additional audit assessment of Tullow oil dated 2011 to 2014 and raised significant outstanding payment of $27 million, adding that, there is the need to help fight corruption in the country as it keeps declining the country of its major developments.

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