$5bn Gold Exports To UAE 'Criminally Disposed Of'

The President has revealed that although the United Arab Emirates (UAE) recorded $7 billion worth of gold imports from Ghana, official records (in Ghana) reports only $2 billion in exports of the precious metal to the Gulf country.

Nana Akufo-Addo made the startling revelation on Wednesday, January 17, 2018, during a media encounter to mark one year of his administration.

The President, however, did not state how he will trace the $5 billion missing from the country's books.

The President was answering a question on the clampdown on illegal mining, the ban on small-scale mining, and how he hopes to tackle critical issues in Ghana’s extractive sector.

“I believe that the fight against galamsey is by no means won. We still have a long way to go… I am saying this because, at the same time, some of the outcomes of the galamsey menace in our country are not sufficiently addressed or articulated,” he acknowledged.

He adds: “Apart from the harm that this activity [illegal small-scale mining] is doing to our country, much of the value that our nation should derive from these activities are also being criminally disposed of.”

On when the ban on small-scale mining – which came into force in April last year – said a Cabinet meeting has been scheduled to discuss the issue.

“So a decision will not be ready until after that meeting of Cabinet next week,” he said.

Related video: Presidential Press Encounter News Desk on JoyNews (17-1-18)