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.

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.

Eyewitness? Submit your stories now via social or:

Email: news@pulselive.co.ke

Recommended articles

Kenyans can now travel to 72 countries without a visa

Kenyans can now travel to 72 countries without a visa

Ini Edo posts new photos amid reports of welcoming a baby through surrogacy

Ini Edo posts new photos amid reports of welcoming a baby through surrogacy

Referee behind chaos at AFCON was rushed to hospital after match

Referee behind chaos at AFCON was rushed to hospital after match

Willy Paul wins against Diana Marua in court

Willy Paul wins against Diana Marua in court

KDF moves to forcibly acquire Sh 500M supermarket land in Nairobi

KDF moves to forcibly acquire Sh 500M supermarket land in Nairobi

Guardian Angel weds Esther Musila in private wedding [Photos]

Guardian Angel weds Esther Musila in private wedding [Photos]

I'm not in the US - Eddie Ndichu's photos explained

I'm not in the US - Eddie Ndichu's photos explained

Kenyans rate Kabogo's Karate skills [Video]

Kenyans rate Kabogo's Karate skills [Video]

Zuchu forced to apologize to fans after viral video raised eyebrows

Zuchu forced to apologize to fans after viral video raised eyebrows