President John Dramani Mahama has reminded individuals and foreign entities involved in illegal gold trading that violations under the GoldBod Act will attract a hefty fine of up to GH ¢2.4 million, imprisonment, or both.
He explained that the new law explicitly bans unlicensed trading and prohibits foreigners from purchasing gold on Ghana’s local market.
“The GoldBod Act prohibits unlicensed trading and bans foreigners from purchasing on the local market. Any breach of this law could lead to a fine of up to GH¢2.4 million or imprisonment of five to ten years, or both. You can be imprisoned and still pay the fine,” he cautioned.
President Mahama gave the warning when he inaugurated the GoldBod Taskforce yesterday at the premises of the National Security Secretariat in Accra.
He emphasised that the law will be strictly applied without discrimination, stressing that both local and foreign offenders will face the full rigours of the law.
The Taskforce, made up of security personnel from the military, national security, and other allied agencies, will be charged with monitoring, investigating, and clamping down on illegal gold activities across the country.
“This Task Force is not just a security initiative, it is a strategic arm of a national economic transformation project, purposefully designed to restore integrity, accountability, and value to Ghana’s gold sector,” President Mahama stated.
GoldBod Taskforce warned
President Mahama used the opportunity to warn members of the newly formed GoldBod Taskforce, cautioning them that any officer caught abusing their power will not be spared.
“Abuse of your authority won’t be tolerated. Any officer found engaging in misconduct will face immediate sanctions, including dismissal, prosecution, and forfeiture of entitlements,” he declared.
President Mahama also announced that a nationwide gold traceability system is to be implemented immediately.
This system, he explained, will ensure that every gramme of gold in the market can be traced back to its licenced and environmentally compliant source of origin.
“I have directed the board to immediately implement a nationwide traceability system, ensuring that every gram of gold can be traced back to its verified license and environmentally compliant mine of origin,” he said.
GoldBod officers to wear body cameras
To promote transparency and accountability, President Mahama announced that all officers on the GoldBod Taskforce will be required to wear body cameras during every operation.
He described the initiative as a bold step towards tackling illegal gold smuggling and eradicating corruption within the extractive sector.
“Every member of the task force will operate under strict oversight. All officers will wear body cameras in every operation they undertake,” he stated.
Members of the Taskforce, according to President Mahama, have undergone rigorous training, background vetting, polygraph testing, and a comprehensive orientation on the Minerals and Mining Act, 2016 (Act 703, as amended by Act 1040).
He added that the officers have also completed intensive team-building and anti-corruption training to prepare them for the high-risk operations ahead, stating that the establishment of the task force demonstrates his administration’s readiness to act firmly against illegal gold activities.
“The inauguration of the GoldBod Taskforce signals our readiness to act decisively,” President Mahama emphasised.
To further strengthen oversight, the president announced that no field operation would be allowed without a written warrant from the task force’s Chief Executive Officer.
“A written warrant from the CEO is required before any field operation is undertaken,” he cautioned.
President Mahama added that vehicles used for assignments will be GPS-tracked and monitored in real time to ensure every movement is accounted for.
“Whistleblower channels are in place. If you blow the whistle and gold or cash is retrieved, you will receive 10% of the value,” he announced, urging the public to play an active role in the national effort to combat illegal gold trading in the country.
10% reward for whistleblowers
Inaugurating the Taskforce, President Mahama also announced that individuals who provide credible information leading to the recovery of illegal gold or its cash equivalent will be rewarded with 10% of the seized assets.
“Whistleblower channels are in place, and informants are eligible to receive 10% of the seized gold or the cash value. So, whistleblowers, get ready. If you blow the whistle and gold or money is recovered, you will get 10%,” he stated..
From vision to policy: The Journey to GoldBod
The Ghana Gold Board was first proposed in our 2020 NDC Manifesto.
Even though the NDC did not win that election, it remained firmly committed to its vision.
“In our 2024 Manifesto, we elevated the GOLDBOD to a flagship policy to stabilize the Ghana Cedi, formalize the gold trade, and build foreign exchange buffers.
“Upon assuming office, one of my earliest appointments was that of Mr. Sammy Gyamfi as Acting Managing Director of the Precious Minerals Marketing Company (PMMC), with a mandate to lead the transformation of that institution into what is now the Ghana Gold Board,” President Mahama recounted,” President Mahama said.
Tangible results and economic impact
Since its interim formation in January 2025, the Ghana Gold Board has implemented aggressive reforms, especially in the artisanal and small-scale mining (ASM) sector.
By May alone, GOLDBOD exported 11 tonnes of gold valued at USD1.1 billion. Cumulatively, exports from the small-scale sector reached 51.5 tonnes, valued at approximately USD 5 billion.
This represents a 95% increase from the same period in 2024 and surpasses large-scale mining exports for the first time in Ghana’s history.
“These inflows have strengthened our foreign reserves, improved our balance of payments, and helped stabilize the Cedi. More importantly, they reaffirm our belief that artisanal miners, when supported and formalized, can be powerful allies of development,” the President pointed out.
Combating illegal trade and smuggling
Rampant gold smuggling and illicit trade continue robbing Ghana of billions in revenue.
A recent report revealed a 229 metric tonne discrepancy between Ghana’s official export records and the import records of our trading partners, amounting to over USD 11.4 billion in losses over five years.
“This cannot continue. The Ghana Gold Board was established to dismantle the black-market economy surrounding gold, and today’s inauguration of the GOLDBOD Task Force signals our readiness to act decisively,” President Mahama concluded.
By Kyei Boateng
