President John Mahama
Informants and whistleblowers are eligible to receive 10% of seized gold or cash value as part of efforts by government to combat illegal trade and smuggling.
President John Mahama, who announced this at the inauguration of the Ghana Gold Board (GoldBod) Task Force yesterday in Accra, said it is a security initiative purposefully designed to restore integrity, accountability and value to Ghana’s gold sector.
The Ghana Gold Board Act, 2025 (Act 1140), is designed to oversee, regulate, and participate directly in the gold value chain from small-scale mining to assaying, trading, and export holding, with exclusive rights to purchase and export all gold produced in Ghana, except from large-scale mining firms, where GoldBod still holds preemptive rights.
President Mahama also said like cocoa, gold will now be consolidated, traded, and exported through a centralised transparent system.
The President stated that foreign entities may however apply to the GoldBod for licences to off-take gold or invest in refining and value addition.
The GoldBod Task Force comprises personnel from National Security, military and other security agencies who have undergone rigorous vetting, polygraph testing, orientation and also completed intensive team-building and anti-corruption training.
According to President Mahama, apart from a written warrant required from the Chief Executive of GoldBod before any field operation, all officers would be required to wear body cameras with vehicle GPS-tracking monitored in real time.
He said, “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. A breach of this Act would attract a fine of up to GH¢2.4 million or imprisonment of 5-10 years, or both.”
President Mahama also noted that rampant gold smuggling and illicit trade continue to rob Ghana of billions in revenue, citing a recent report which revealed a 229 metric tonne discrepancy between Ghana’s official export records and the import records of trading partners, amounting to over USD 11.4 billion in losses over five years.
That, according to the President, cannot continue as the Ghana Gold Board is ready to act decisively to dismantle the black-market economy surrounding gold trade while working on establishing a “Gold Village, a manufacturing hub for gold jewellery and ornament production in Ghana.”
President Mahama further indicated that since the interim formation of the GoldBod in January 2025, it 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,” he disclosed.
That, he said, represents a 95% increase from the same period in 2024 and surpasses large-scale mining exports for the first time in the country’s history.
The President also mentioned that apart from foreign exchange and revenue that will be generated for the country, GoldBod is committed to ensure every gram of gold is traced back to its verified, licensed, and environmentally compliant mine of origin while it invest in land reclamation and ecological restoration through programmes such as “Blue Water” and “Tree for Life”.
“This is a new dawn for Ghana’s gold sector. The Ghana Gold Board and its Task Force embody our renewed resolve to take control of our destiny, leverage our natural wealth, and build an economy that works for all,” he added.
By Ebenezer K. Amponsah