“Let this serve as a clear warning to all those involved in gold smuggling and the illegal trade: the law is going to be enforced without fear or favour.”
On Tuesday, July 8, 2025, President John Dramani Mahama inaugurated the Gold Board Task Force, a pivotal institutional mechanism established to operationalise the mandate of the newly created Ghana Gold Board (GoldBod).
The task force is positioned as a strategic national asset intended not only to regulate the gold trade but also to advance Ghana’s long-standing aspirations for value addition and resource sovereignty in the mineral sector.
Delivering the keynote address at the inauguration ceremony, President Mahama underscored the transformative nature of the GoldBod initiative. Enacted under Act 1140, the GoldBod is vested with exclusive authority to purchase and export all gold produced within Ghana, with the exception of output from large-scale mining companies.
“Through the GoldBod, we are asserting national sovereignty over our mineral wealth and introducing a paradigm shift from raw extraction to value addition,” the President stated.
Framing the Task Force as a cornerstone of Ghana’s broader economic strategy, President Mahama emphasised that its role extends beyond enforcement. “This is not merely a security initiative,” he said. “It is a strategic arm of national economic transformation, purposefully designed to restore integrity, accountability, and value to Ghana’s gold sector.”
The President issued a stern warning to actors engaged in illegal gold trading and smuggling, pledging rigorous enforcement of the law. “Let this serve as a clear warning to all those involved in gold smuggling and the illegal trade: the law is going to be enforced without fear or favour,” he declared.
In a move to promote civic engagement and intelligence gathering, President Mahama introduced a reward mechanism for whistleblowers. Individuals whose tips lead to arrests or the recovery of gold or related assets will be entitled to a 10% lump-sum reward based on the value recovered.
Turning his attention to the Task Force members, President Mahama delivered a pointed message on ethical conduct and accountability. He cautioned that any personnel found compromising their mandate would be subject to stringent disciplinary action, including dismissal, prosecution, and forfeiture of entitlements.
He further outlined punitive provisions embedded in the GoldBod Act of 2025. Violations by individuals or entities operating outside the regulatory framework could attract fines of up to GHS 2.4 million, imprisonment for terms ranging from five to ten years, or both.
Among the Act’s key provisions are the criminalisation of unlicensed gold trading and a prohibition on foreign nationals engaging in gold purchases on the local market. However, the President clarified that foreign investors interested in participating legally may apply to the GoldBod for licences to offtake gold or invest in domestic refining and value-addition infrastructure.
Story: Lawal Mohammed
