{"id":21267,"date":"2025-07-08T13:55:10","date_gmt":"2025-07-08T13:55:10","guid":{"rendered":"https:\/\/expressnewsghana.com\/?p=21267"},"modified":"2025-07-08T13:55:10","modified_gmt":"2025-07-08T13:55:10","slug":"prez-mahama-declares-zero-tolerance-for-illegal-gold-trade-as-ghana-gold-board-task-force-is-inaugurated","status":"publish","type":"post","link":"https:\/\/expressnewsghana.com\/?p=21267","title":{"rendered":"\u00a0Prez Mahama Declares Zero Tolerance for Illegal Gold Trade as Ghana Gold Board Task Force Is Inaugurated"},"content":{"rendered":"

President John Dramani Mahama has declared an unwavering stance against illegal gold smuggling and unlicensed trading in Ghana\u2019s gold sector, as he inaugurated a new Task Force under the Ghana Gold Board (GOLDBOD) at the Jubilee House in Accra.<\/strong><\/p>\n

The Task Force, a multi-agency unit comprising personnel from national security, the military, and other enforcement agencies, is part of a broader initiative to restore transparency, accountability, and state control over Ghana\u2019s mineral wealth, especially in the artisanal and small-scale mining (ASM) sector.<\/p>\n

\u201cLet this serve as a warning to all those involved in gold smuggling and illegal trade: the law will be enforced without fear or favour,\u201d President Mahama warned. \u201cGhana is done losing billions through illicit gold flows.\u201d<\/p>\n

A Strategic Move to Protect Ghana\u2019s Mineral Wealth <\/strong><\/p>\n

The inauguration marks a major milestone in implementing the Ghana Gold Board Act, 2025 (Act 1140), which gives GOLDBOD sweeping regulatory powers over the country\u2019s gold trade.<\/p>\n

The Act mandates GOLDBOD to oversee, regulate, and participate directly in every aspect of the gold value chain\u2014from small-scale production to assaying, trading, and export.<\/p>\n

GOLDBOD now holds exclusive rights to purchase and export all gold produced in Ghana, excluding large-scale mining firms, over which it retains preemptive purchasing rights. This move replicates Ghana’s centralized cocoa export model and is intended to eliminate illegal foreign buyers and curb smuggling.<\/p>\n

Economic Impact and Rising Gold Exports <\/strong><\/p>\n

Since its interim establishment in January 2025, GOLDBOD has already made significant gains. According to President Mahama, the Board exported 11 tonnes of gold worth USD 1.1 billion by May 2025, with total small-scale sector exports reaching 51.5 tonnes valued at approximately USD 5 billion.<\/p>\n

\"\"<\/p>\n

This represents a 95% increase over the same period in 2024, and for the first time, exports from the small-scale sector have surpassed those of the large-scale sector.<\/p>\n

\u201cThese inflows have bolstered our foreign reserves, improved our balance of payments, and helped stabilize the Cedi,\u201d the President noted. \u201cIt is clear that when small-scale miners are supported and formalized, they become powerful allies in development.\u201d<\/p>\n

The GOLDBOD Task Force Mandate and Accountability<\/strong><\/p>\n

The newly inaugurated Task Force is tasked with enforcing compliance with Act 1140, disrupting the black market economy around gold, and ensuring that only licensed entities participate in the gold trade.<\/p>\n

Key features of the Task Force\u2019s operation include mandatory body cameras for all officers, GPS-tracked vehicles monitored in real time, written warrants required from the CEO before any field operation, whistleblower reward system: 10% of the value of seized gold or cash and strict oversight and anti-corruption measures, including polygraph tests and ethics training<\/p>\n

\u201cAbuse of authority will not be tolerated,\u201d President Mahama emphasized. \u201cOfficers found engaging in misconduct will face immediate sanctions, including dismissal, prosecution, and forfeiture of entitlements.\u201d<\/p>\n

Crackdown on Illegal Trade and Smuggling<\/strong><\/p>\n

Ghana has reportedly lost over USD 11.4 billion in revenue in the past five years due to unrecorded gold exports. A recent audit uncovered a 229-metric-tonne discrepancy between Ghana\u2019s official export figures and import records from trading partners.<\/p>\n

\"\"<\/p>\n

The new law imposes heavy penalties for unlicensed trading, including fines up to GH\u00a22.4 million and prison sentences between 5 and 10 years. Foreigners are also banned from buying gold on the local market unless licensed by GOLDBOD.<\/p>\n

Sustainability, Traceability, and Local Value <\/strong><\/p>\n

Addition President Mahama reiterated that GOLDBOD is not only focused on economic gains but also on responsible sourcing, environmental protection, and traceability. The Board has been directed to implement a nationwide traceability system to ensure that every gram of gold can be tracked to its licensed, environmentally compliant source.<\/p>\n

The Key sustainability initiatives under GOLDBOD include, \u201cBlue Water\u201d and \u201cTree for Life\u201d programs for land reclamation and ecological restoration, support for geological surveys to help artisanal miners mine responsibly and plans for an ISO-certified national assay laboratory by 2026 to ensure compliance with global gold export standards<\/p>\n

GOLDBOD is also working to establish a \u201cGold Village\u201d \u2014 a specialized industrial hub for gold jewellery manufacturing and export, aimed at enhancing Ghana\u2019s footprint in the global value-added gold market.<\/p>\n

A Call for Integrity and Discipline<\/strong><\/p>\n

In his charge to the Task Force, President Mahama urged members to serve with professionalism and integrity, stressing that the entire nation is watching.<\/p>\n

\u201cThis is not business as usual. This is a matter of national duty and pride,\u201d he said. \u201cBreaches of your oath will be met with swift and lawful consequences.\u201d<\/p>\n

About the Ghana Gold Board (GOLDBOD) <\/strong><\/p>\n

The Ghana Gold Board (GOLDBOD) is a statutory body established under the Ghana Gold Board Act, 2025 (Act 1140). Its mandate is to among others regulate the purchase, sale, assaying, and export of gold in Ghana, serve as the central authority for gold trade outside large-scale mining, ensure formalization, traceability, and value addition in the gold sector, curb illegal mining and smuggling through enforcement and licensing and to promote environmental sustainability and responsible mining practices<\/p>\n

With the formal launch of the GOLDBOD Task Force, Ghana has taken a decisive step toward reclaiming its gold economy from the grip of illegal actors. As the country\u2019s leading export commodity, gold remains central to Ghana\u2019s economic resilience and development strategy.<\/p>\n

\u201cThis is a new dawn for Ghana\u2019s gold sector,\u201d President Mahama declared. \u201cWe are taking control of our destiny to build an economy that works for all.\u201d<\/p>\n

\"\"<\/p>\n

Source: Felix Nyaaba \/ ExpressNewsGhana.com<\/strong><\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

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