Collins Sefa President John Dramani Mahama has declared a firm stance against illegal gold trading, warning that violators will face the full force of the law, as he officially inaugurated the Ghana Gold Board (GoldBod) Task Force in Accra on Tuesday.
The event marks a significant milestone in the Government of Ghana’s renewed efforts to protect the country’s mineral wealth, assert control over the gold value chain, and eradicate illicit trade.
“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 stated.
Legal Enforcement and Severe Penalties
President Mahama reminded the nation that under the Gold Board Act, only licensed entities are permitted to trade in gold. The Act explicitly prohibits unlicensed operations and bans foreigners from purchasing gold on the local market without authorization.
Violators face hefty penalties of up to GH¢2.4 million, imprisonment of five to 10 years, or both.
“Foreign entities may apply to the GoldBod for licenses to off-take gold or invest in refining and value addition,” he added.
“Our message is simple—operate within the law or face the full consequences of it.”
A New Era of Gold Sector Governance
President Mahama said the formation of the Ghana Gold Board signals a shift from raw mineral extraction to national value retention. The GoldBod is mandated to oversee, regulate, and actively participate in the gold value chain—from small-scale mining and assaying to trading and export.
The Board now holds exclusive rights to purchase and export all gold produced in Ghana, except that from large-scale mining companies, where it retains preemptive rights.
“Like cocoa, gold will now be consolidated, traded, and exported through a centralised, transparent system,” he said.
“The results speak for themselves.”
Impressive Early Results
Since its interim establishment in January 2025, the GoldBod has made remarkable strides. By May 2025, it had exported 11 tonnes of gold valued at $1.1 billion.
Cumulatively, 51.5 tonnes of gold—valued at nearly $5 billion—have been exported from the artisanal and small-scale mining (ASM) sector, representing a 95% increase over the same period in 2024 and surpassing large-scale mining output for the first time in Ghana’s history.
Commitment to Traceability and Sustainability
President Mahama underscored that GoldBod’s mission goes beyond revenue generation to include traceability, environmental sustainability, and responsible sourcing.
He announced a nationwide gold traceability system, ensuring that all gold can be tracked to its licensed and environmentally compliant origin.
Further, GoldBod will invest in land reclamation and ecological restoration through programmes like “Blue Water” and “Tree for Life.” Geological surveys are also being supported to help small-scale miners reduce environmental degradation and improve yields.
Adding Value Locally and Globally
Looking to the future, President Mahama said Ghana is moving away from exporting raw Doré bars toward bullion export and local refining. Plans are in motion to establish an ISO-certified assay laboratory by 2026 to comply with international standards.
He also revealed plans for a “Gold Village”—a manufacturing hub for gold jewellery and ornaments, positioning Ghana as a continental leader in value addition.
“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 said.
A National Duty for the Task Force
In his charge to the newly inaugurated Task Force, President Mahama emphasized their 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.”
GoldBod: Taking Charge of Ghana’s Future
Mr. Sammy Gyamfi, Chief Executive Officer of the Ghana Gold Board, praised the Task Force’s creation as a critical step toward enforcing the mandate of the GoldBod and ensuring Ghana reaps the full benefits of its gold resources.
“We are committed to protecting Ghana’s gold wealth, formalizing small-scale mining, and building a sustainable, profitable, and inclusive gold sector,” he said.
President Mahama concluded that this marks a new dawn for Ghana’s gold industry—anchored on sovereignty, transparency, and long-term prosperity.
