President John Dramani Mahama has declared a sweeping crackdown on gold smuggling and illicit trade in Ghana’s mining sector, warning that any individual or group found engaging in illegal transactions will face the full force of the law.
“Our message is simple – operate within the law or face the consequences. 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,” President Mahama declared during the inauguration of the Ghana Gold Board (GOLDBOD) Task Force at the Jubilee House yesterday.
He described inauguration of the Task Force as a “defining moment” in the fight to reclaim Ghana’s gold sector from decades of illegal trade, value loss, and foreign exploitation.
Describing the move as a critical step in the implementation of the Ghana Gold Board Act, 2025 (Act 1140), President Mahama emphasized that the Task Force is more than a security measure and that it is a strategic instrument in Ghana’s broader economic transformation agenda.
“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 declared.
Mineral Wealth
President Mahama noted that although Ghana is the leading gold producer in Africa and sixth globally, the country has historically failed to derive fair value from its mineral wealth. The Ghana Gold Board, he said aims to change that by asserting national sovereignty over gold production and trade.
Under the new regime, GOLDBOD holds exclusive rights to purchase and export all gold produced in the country excluding large-scale mining firms, where it still maintains pre-emptive rights.
“Like cocoa, gold will now be consolidated, traded, and exported through a centralised and transparent system,” the President announced.
Since its interim formation in January 2025, the Ghana Gold Board has recorded significant achievements.
By May 2025, it had exported 11 tonnes of gold valued at $1.1 billion, with total exports from the small-scale sector reaching 51.5 tonnes worth an estimated $5 billion – a 95% increase from the same period in 2024.President Mahama argued that these gains would help stabilise the Ghana Cedi, improve the balance of payments, and increase foreign reserves.
The newly inaugurated Task Force includes personnel from National Security, the military, and other security agencies, and has undergone comprehensive vetting, polygraph testing, and anti-corruption training. The Task Force will be governed by rigorous accountability mechanisms:
All officers will wear body cameras during operations whilst Vehicles will be GPS-tracked in real time.
A written warrant from the GOLDBOD CEO is required before any field operation.
Whistleblowers are eligible for 10% of the value of seized gold or cash.President Mahama issued a stern warning that any abuse of authority would not be tolerated.
“Any officer found engaging in misconduct will face immediate sanctions, including dismissal, prosecution, and forfeiture of all entitlements,” he cautioned.
Smuggling and Illegal Trade
The President cited a report indicating a 229-metric tonne discrepancy between Ghana’s official gold exports and the import records of its trading partners—resulting in over $11.4 billion in lost revenue over five years.
This, he declared, cannot continue as “Today’s inauguration of the GOLDBOD Task Force signals our readiness to act decisively.”
The GOLDBOD Act criminalizes unlicensed gold trade and bars foreigners from buying gold locally. Penalties include fines up to GHC 2.4 million, jail terms between 5 to 10 years, or both. However, President Mahama encouraged licensed foreign investment in refining and value addition.
Sustainability, Local Refining, and Global Integration
In a forward-looking vision, Mahama announced a directive for GOLDBOD to implement a nationwide gold traceability system, ensuring every gram of gold is sourced from licensed, environmentally compliant mines.
The government will also fund land reclamation efforts under initiatives like Blue Water and Tree for Life, and support geological surveys to assist small-scale miners.Plans are underway to establish an ISO-certified assay laboratory by 2026, and transition Ghana’s gold exports from raw Doré bars to refined bullion. The President also revealed efforts to develop a “Gold Village,” a local manufacturing hub for gold jewellery and ornaments.
To international partners such as the London Bullion Market Association, World Gold Council, and the OECD, President Mahama extended an invitation to collaborate with Ghana in a transparent, profitable, and sustainable gold trade system.
