Anybody who provides credible information that leads to the arrest of persons involved in the smuggling or illegal trading of gold anywhere in Ghana would be rewarded with 10 percent of the value of the recovered gold or cash value, no matter how huge the quantity of the recovery, President John Mahama has promised.
The President has also officially declared zero tolerance for illegal gold trading in Ghana. He said rampant gold smuggling and illicit trade continue robbing the nation of billions in revenue.
“A recent report revealed a 229 metric tonne discrepancy between Ghana’s official export records and the import records of our trading partners, amounting to over USD 11.4 billion in losses over five years. This cannot continue”, the President noted.
President Mahama warned that persons caught in the smuggling or illegal trade of gold in Ghana could be fined up to an amount of Ghc2.4 million, could be imprisoned for a period between 5 to 10 years or could face both punishments.
He has therefore cautioned all players within the gold trading fraternity to “operate within the law or face the full consequences of it”
President Mahama made the remarks on Tuesday, July 8, 2025, at the inauguration of the Ghana Gold Board Task Force in Accra.
The GoldBod Task Force, the President explained, comprises personnel from National Security, the military, and other security agencies. He said they have undergone rigorous vetting, polygraph testing, and orientation on Act 1140 and completed intensive team-building and anti-corruption training.
President Mahama disclosed further that all officers of the GoldBod Task Force are to wear body cameras when on duty and vehicles they use for official duty would be tracked by GPS for real time monitoring of their movements.
He said the GoldBod Task Force would operate under a very strict oversight and they require a written permission specifically from the Chief Executive of the Ghana Gold Board before they can embark on any field operation.
“Let me be clear: abuse of authority will not be tolerated. Any officer found engaging in misconduct will face immediate sanctions, including dismissal, prosecution, and forfeiture of all entitlements”, President Mahama warned.
He added: “To the GOLDBOD Task Force members, you have been entrusted with extraordinary responsibility. Serve with honour. 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. The Ghanaian people are watching, and so is the world.”
President Mahama, in his address, sounded pleased with the work of the GoldBod so far and said the gains have been beneficial to the economy of the country.
“Since its interim formation in January 2025, the Ghana Gold Board has implemented aggressive reforms, especially in the artisanal and small-scale mining (ASM) sector. By May alone, GOLDBOD exported 11 tonnes of gold valued at USD 1.1 billion. Cumulatively, exports from the small-scale sector reached 51.5 tonnes, valued at approximately USD 5 billion. This represents a 95% increase from the same period in 2024 and surpasses large-scale mining exports for the first time in our history.
“These inflows have strengthened our foreign reserves, improved our balance of payments, and helped stabilize the Cedi. More importantly, they reaffirm our belief
that artisanal miners, when supported and formalized, can be powerful allies of development”, President Mahama noted.
The President said beyond foreign exchange and revenue, the Ghana Gold Board is committed to traceability, environmental sustainability, and responsible sourcing.
“I have directed the Board to immediately implement a nationwide traceability system, ensuring that every gram of gold can be traced back to its verified, licensed, and environmentally compliant mine of origin”, he added
John Mahama continued: “GOLDBOD will also invest in land reclamation and ecological restoration through programmes such as “Blue Water” and “Tree for Life.” It actively supports geological surveys to provide small-scale miners with credible geological data, reducing environmental degradation and improving yields.
“We are no longer content with exporting raw Doré bars. To ensure compliance with international export standards, plans are underway to establish an ISO-certified assay laboratory by 2026. In the medium term, Ghana will transition to bullion export and refine more gold locally. Additionally, we are working on establishing a “Gold Village”—a manufacturing hub for gold jewellery and ornament production in Ghana, positioning our country as a continental leader in value addition”, he noted.
