Ghana gold sector hit by $54bn illicit financial flows in a decade

• Gold mispricing drains revenue despite higher exports and prices
• ISSER urges tighter oversight, training and streamlined rules

ACCRA, GHANA – Ghana must urgently tighten oversight in its gold sector to stem illicit financial flows, as export gains continue to mask deep revenue leakages, an economist has warned.

Adzo Woeyram Makafui Baku of Institute of Statistical, Social and Economic Research (ISSER) said weaknesses in supervision, fragmented procedures and limited technical capacity are allowing billions of dollars to slip through the cracks, even as gold exports rise.