Accra: President John Dramani Mahama on Tuesday declared zero tolerance for illegal gold trading in Ghana. He issued this warning during his address at the inauguration of the Ghana Gold Board (GoldBod) Task Forces, part of government measures to safeguard the country's gold resources from illegal activities.
According to Ghana News Agency, the President emphasized that the Gold Board Act prohibits unlicensed trading and restricts foreigners from purchasing gold on the local market. Violations of this Act can result in a fine of up to GHS2.4 million, imprisonment for five to ten years, or both. However, foreign entities can apply to GoldBod for licenses to purchase gold or invest in refining and value addition, reinforcing the message to operate within the law.
President Mahama explained the role of GoldBod in asserting national sovereignty over mineral wealth and shifting focus from raw extraction to value retention. GoldBod is tasked with overseeing, regulating, and directly participating in the gold value chain, from small-scale mining to assaying, trading, and export. The board holds exclusive rights to purchase and export all gold produced in Ghana, with preemptive rights over large-scale mining firms.
Since its interim formation in January 2025, GoldBod has implemented reforms, particularly in the artisanal and small-scale mining (ASM) sector. By May, GoldBod exported 11 tonnes of gold worth $1.1 billion. Cumulative exports from the small-scale sector reached 51.5 tonnes, valued at approximately USD 5 billion, marking a 95 percent increase from the same period in 2024 and surpassing large-scale mining exports for the first time in history.
On responsible sourcing, traceability, and sustainability, the President directed the Board to implement a nationwide traceability system. This system ensures that every gram of gold can be traced back to its verified, licensed, and environmentally compliant mine of origin. GoldBod will also invest in land reclamation and ecological restoration programs.
Regarding local refining and global integration, the President announced plans to establish an ISO certified assay laboratory by 2026 to ensure compliance with international export standards. Ghana aims to transition to bullion export and refine more gold locally. Plans for a 'Gold Village,' a manufacturing hub for gold jewelry and ornament production, are underway to position Ghana as a leader in value addition.
President Mahama invited international partners, including the London Bullion Market Association, the World Gold Council, and the OECD, to join Ghana in this transformative journey. He stressed that Ghana is open for business in a sustainable, transparent, and profitable manner.
In his charge to the Task Force, the President emphasized the extraordinary responsibility entrusted to them, urging the upholding of values of integrity, professionalism, and discipline. The Ghana Gold Board and its Task Force represent a renewed resolve to control the nation's destiny, leverage natural wealth, and build an economy that benefits all.
Mr. Sammy Gyamfi, the Chief Executive Officer of GoldBod, highlighted that the inauguration of the GoldBod Task Force and the appointment of GoldBold Inspectors are aimed at ensuring the mandate of GoldBod is enforced, allowing the nation to fully benefit from its natural resources.
