President John Dramani Mahama on Tuesday inaugurated a Gold Board Task Force, a critical strategic arm poised to enforce the mandate of the newly established Ghana Gold Board (Goldbod) and champion a paradigm shift towards value addition and national sovereignty in the country’s gold sector.
Speaking at the official inauguration ceremony, President Mahama stated that, under Act 1140, Goldbod now holds exclusive rights to purchase and export all gold produced in Ghana, except for gold produced by large-scale mining firms.
“Through the GoldBod, we are setting national sovereignty over our mineral wealth and introducing a paradigm shift from raw extraction to value addition,” President Mahama said.
He emphasised that the Task Force is far more than just a security initiative. “It is a strategic arm of national economic transformation,” the President noted, “purposefully designed to restore integrity, accountability, and value to Ghana’s gold sector.”
In a strong warning to illicit operators, President Mahama declared, “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.”
To encourage public participation in combating illegal activities, the President announced a reward system: whistleblowers whose leads result in arrests or the retrieval of gold or cash will receive a 10% lump sum of the value involved.
Addressing members of the newly inaugurated Task Force, President Mahama cautioned sternly against any form of compromise or abuse of their authority.
He served notice that any member found to be in breach of their mandate would face severe sanctions, including outright dismissal, prosecution, and forfeiture of their entitlements.
The President further detailed the stringent penalties enshrined in the Goldbod Act, 2025, for violations by any individual or entity operating outside the law.
“Any breach of this Act,” he warned, “could lead to a hefty fine of up to GHS 2.4 million or imprisonment for a term of five to 10 years, or both.”
Key provisions of the Goldbod Act highlighted by the President include a strict prohibition of unlicensed trading of gold and an explicit ban on foreigners purchasing gold on the local market.
He clarified that foreign entities interested in legitimate engagement with Ghana’s gold sector may apply to the Goldbod for licences to offtake gold or invest in refining and value-adding processes.
Distributed by APO Group on behalf of The Presidency, Republic of Ghana.
