President John Dramani Mahama on Tuesday declared zero tolerance for illegal gold trading in Ghana.
He gave the caution in his address at the inauguration of the Ghana Gold Board (GoldBod) Task Forces as part of measures by the Government to protect the country’s gold resources from illegal exploration.
“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,” the President said.
He noted that the Gold Board Act prohibits unlicensed trading and bans foreigners from purchasing gold on the local market.
The President said any breach of the Act could lead to a hefty fine of up to GH¢2.4 million or imprisonment of five to10 years, or both.
“However, foreign entities may apply to the GOLDBOD for licenses to off-take gold or invest in refining and value addition,” he stated.
“Our message is simple—operate within the law or face the full consequences of it.”
He said through GoldBod, they were asserting national sovereignty over their mineral wealth and introducing a paradigm shift from raw extraction to value retention.
He said the GoldBod was designed to oversee, regulate, and participate directly in the gold value chain—from small-scale mining to assaying, trading, and export.
The President said the GoldBod now holds exclusive rights to purchase and export all gold produced in Ghana, except that from large-scale mining firms, where GOLDBOD still holds preemptive rights.
“Like cocoa, gold will now be consolidated, traded, and exported through a centralised, transparent system. The results speak for themselves.”
He said since its interim formation in January 2025, the Ghana Gold Board had implemented aggressive reforms, especially in the artisanal and small-scale mining (ASM) sector.
“By May alone, GoldBod exported 11 tonnes of gold valued at $1.1 billion. Cumulatively, exports from the small-scale sector reached 51.5 tonnes, valued at approximately $5 billion,” the President said.
He said 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.
Touching on responsible sourcing, traceability, and sustainability, he said beyond foreign exchange and revenue, GOLDBOD was committed to traceability, environmental sustainability, and responsible sourcing.
The President said, he had directed the Board to immediately implement a nationwide traceability system, ensuring that every gram of gold can be traced back to its verified, licensed, and environmentally compliant mine of origin.
He said GoldBod would also invest in land reclamation and ecological restoration through programmes such as “Blue Water” and “Tree for Life.”
He reiterated that it actively supports geological surveys to provide small-scale miners with credible geological data, reducing environmental degradation and improving yields.
With regards to local refining, value addition, and global integration, the President said the Government was no longer content with exporting raw Doré bars.
He said to ensure compliance with international export standards, plans were underway to establish an ISO certified assay laboratory by 2026.
He said in the medium term, Ghana would transition to bullion export and refine more gold locally.
“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,” President Mahama said.
“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.”
He underscored that Ghana was open for business—sustainably, transparently, and profitably.
In his charge to the Task Force, the President said they had been entrusted with extraordinary responsibility.
“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,” President Mahama advised, reiterating that this was a new dawn for Ghana’s gold sector.
He said the Ghana Gold Board and its Task Force embody their renewed resolve to take control of their destiny, leverage their natural wealth, and build an economy that works for all.
Mr Sammy Gyamfi, the Chief Executive Officer of the GoldBod, said the inauguration of the GoldBod Task Force and the appointment of GoldBold Inspectors was to ensure that the mandate the GoldBod had been given was enforced to the letter for the nation to reap the full benefit of its natural resources.
Source: GNA
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