President John Mahama has warned individuals and syndicates involved in illegal gold trading and smuggling, stating that the full force of the law will be applied without fear or favour.
Speaking at the inauguration of the Ghana Gold Board Task Force in Accra on July 8, 2025, the President underscored the government’s commitment to enforcing the Gold Board Act, which criminalizes unlicensed gold trading and prohibits foreigners from buying gold on Ghana’s local market.
“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.
The President outlined the harsh penalties facing offenders under the Act. Violators could be fined up to 2.4 million Ghana cedis, imprisoned for five to ten years, or face both sanctions.
“You could face a prison sentence and still be required to pay the fine. This is a clear warning to those involved in the illicit gold trade,” he cautioned.
President Mahama’s remarks come as part of broader efforts to sanitize the gold sector and clamp down on the billions of cedis lost annually to unregulated and illegal operations. The formation of the Gold Board Task Force is seen as a strategic move to restore order and accountability in the industry.
In addition to enforcement measures, the President announced an incentive scheme to encourage public participation in the fight. Whistleblowers who report illegal gold deals that lead to the successful recovery of gold or cash will receive 10% of the value as a reward.
