As Ghana intensifies its efforts to fight against cocaine trafficking, which seems to be currently on the rise, the country must be careful not to lose sight of another illicit trade with potentially far greater economic consequences, which is the smuggling of its gold.
This is according to Franklin Cudjoe, the founder and CEO of IMANI Africa, who has urged authorities and the public to pay closer attention to the economic cost of gold leaving Ghana illegally.
In a comment highlighting the difference between the two illicit trades, Franklin Cudjoe declared that “The value of seized cocaine is ZERO!! Seized gold has value.”
His argument suggests that while cocaine trafficking represents a serious security and criminal concern, gold is a productive national asset. Ghana produces gold, earns foreign exchange from it, and can generate taxes and other economic benefits from its legitimate trade. When that gold is smuggled out, the country loses part of the economic value that should have remained within the formal economy.
Depicting the scale of the potential loss to the country through illicit gold trade, he cited a 2025 SWISSAID report that estimated Ghana lost about US$11.4 billion between 2019 and 2023 through gold smuggling. The estimate was based on a 229-tonne gap between Ghana’s declared artisanal gold exports and the quantities recorded as imports by destination countries, particularly the United Arab Emirates.
This means the gold-smuggling debate is not simply about illegal mining or border control. He suggests that it is also about foreign exchange, tax revenue, export earnings and Ghana’s ability to capture value from one of its most important natural resources.
Franklin Cudjoe therefore asks Ghanaians and the authorities to look beyond the immediate headlines surrounding cocaine.
“We should be paying attention to the gold coast as well. The cocaine coast should not distract our attention from the gold coast. The value of seized cocaine is ZERO!!. Seized gold has value,” he emphasized.
The timing of the argument is particularly relevant as Ghana attempts to formalise the gold trade through the Ghana Gold Board (GoldBod). GoldBod has reported that its dedicated task force has helped move about 170 tonnes of gold into formal export channels over the past one-and-a-half years, generating more than US$17 billion in reported value.
The figures illustrate why the issue matters. Every tonne of gold that is successfully brought into the formal system represents an opportunity for Ghana to capture value that might otherwise disappear through illicit channels.
However, he was clear that this does not mean cocaine trafficking should receive less attention. Recent cases demonstrate that it remains a serious law-enforcement and organised-crime concern.
In September 2026, for example, four people were remanded over an alleged shipment of about four tonnes of cocaine from Ghana to France, with the suspected consignment estimated to have a street value of US$260 million.
But Franklin Cudjoe argues that the two problems should not be viewed through the same economic lens. Cocaine is an illegal commodity that Ghana does not produce. Gold, on the other hand, is a Ghanaian natural resource whose legitimate production and export can contribute directly to the country’s economy.
The question, therefore, is not whether Ghana should choose between fighting cocaine trafficking and fighting gold smuggling.
It is whether the country can fight both while giving the economic leakage from gold smuggling the seriousness it deserves.
