President John Dramani Mahama has issued a stern warning to individuals engaged in illegal gold trading, declaring an uncompromising stance as Ghana intensifies efforts to protect its mineral wealth.
He announced a public incentive to encourage citizen participation in enforcement, urging Ghanaians to report illegal gold traders in exchange for a 10% reward on the value of any gold or cash seized.
Speaking on Tuesday during the formal launch of the Ghana Gold Board (GoldBod) Task Force, President Mahama underscored the government’s renewed determination to clamp down on gold smuggling and illicit trade, which he said threatens both economic sovereignty and national security.
“Let this serve as a warning to all those involved in gold smuggling and illegal trade: the law will be enforced without fear or favour,” he declared.
The President’s remarks came as the GoldBod Task Force was officially commissioned to lead the charge in regulating and sanitizing the gold value chain.
He reminded the public that the Gold Board Act strictly prohibits unlicensed trading and bars foreigners from purchasing gold within the local market without proper authorization.
“However, foreign entities may apply to the GOLDBOD for licenses to off-take gold or invest in refining and value addition,” he clarified, urging all players to stay within legal bounds.
Violations of the law, he warned, will be met with severe penalties: “Any breach of the Act could lead to a hefty fine of up to GHS2.4 million or imprisonment of five to 10 years, or both.”“Our message is simple—operate within the law or face the full consequences of it.”
He described the GoldBod as a transformational institution charged with overseeing the entire gold ecosystem—from small-scale mining through assaying, trading, and export.
“Like cocoa, gold will now be consolidated, traded, and exported through a centralised, transparent system. The results speak for themselves.”
Since its interim formation in January 2025, the Ghana Gold Board has spearheaded sweeping reforms in the artisanal and small-scale mining sector. By May, GoldBod had already exported 11 tonnes of gold valued at $1.1 billion, contributing to a total of 51.5 tonnes from the small-scale sector—worth approximately $5 billion.
“This represents a 95 per cent increase from the same period in 2024 and surpasses large-scale mining exports for the first time in our history,” President Mahama noted.
Beyond revenue, he said the focus was also on responsible mining. He instructed the Board to roll out a national traceability system, making it possible to trace every gram of gold to a licensed, environmentally compliant mine.
“GOLDBOD was committed to traceability, environmental sustainability, and responsible sourcing,” he said.
To that end, GoldBod will also invest in land reclamation and ecological restoration through programs such as “Blue Water” and “Tree for Life.”
In his remarks on refining and value addition, President Mahama declared Ghana’s intent to end the era of raw gold exports and usher in a new phase of local beneficiation. A plan is underway to establish an ISO-certified assay laboratory by 2026 and transition toward bullion exports and refined products.
“Additionally, we are working on establishing a ‘Gold Village’—a manufacturing hub for gold jewelry and ornament production in Ghana, positioning our country as a continental leader in value addition,” he announced.
To the international community, the President extended an invitation to join Ghana’s transformation agenda: “To our international partners, including the London Bullion Market Association, the World Gold Council, and the OECD, we invite you to join us on this transformative journey.”
Charging the newly inaugurated Task Force, he emphasized the national importance of their mandate.
“Uphold the values of integrity, professionalism, and discipline. This assignment is not business as usual. It is a matter of national duty and pride. Breaches of your oath will be met with swift and lawful consequences. The Ghanaian people are watching, and so is the world.”
“This is a new dawn for Ghana’s gold sector,” he said. “The Ghana Gold Board and its Task Force embody our renewed resolve to take control of our destiny, leverage our natural wealth, and build an economy that works for all.”
GoldBod CEO Sammy Gyamfi echoed the President’s sentiments, stating that the Task Force and appointed inspectors are equipped to fully enforce the Board’s mandate and ensure that Ghana reaps the full benefit of its gold resources.
