President Mahama
President John Dramani Mahama has warned that individuals involved in illegal gold trading in Ghana could face severe penalties, including fines of up to GH₵2.4 million or imprisonment for five to ten years, or both.
The President made this declaration during the inauguration of the GoldBod Task Force, a specialized unit established to combat gold smuggling and regulate the country’s gold trade in Accra on Tuesday, July 8, 2025.
The President said the Gold Board Act strictly prohibits unlicensed gold trading and bans foreigners from purchasing gold on the local market. He noted that breaching the Act carries serious consequences. “You can go to prison for up to ten years and still pay a heavy fine,” he stressed.
However, he added that foreign companies can legally operate by applying to the Gold Board for licenses to buy gold or invest in refining and value addition.
President Mahama used the occasion to explain that the Gold Board was not just created to buy and export gold but also to ensure environmental safety, transparency, and responsible sourcing.
“Our message is simple, operate within the law or face the full force of the law,” he declared.
He announced new initiatives to transform Ghana’s gold sector, including the immediate rollout of a nationwide traceability system. This system will make it possible to trace every gram of gold back to a licensed and environmentally safe mining site.
The GoldBod will also focus on land restoration after mining through projects such as the Blue Water and Tree for Life initiatives. In addition, the Board will assist small-scale miners with accurate geological data to help them mine more responsibly and improve their yields.
President Mahama also revealed plans to stop exporting raw gold bars, known as doré, by 2026. He said Ghana aims to refine most of its gold locally to earn more from exports. An ISO-certified assay laboratory is expected to be completed next year to meet international standards.
Another major plan is the creation of a “Gold Village,” a hub for jewelry and ornament production. The President said this would make Ghana a leader in gold value addition and reduce the need for traders to travel abroad for jewelry.
“We want to make it possible for our people to buy jewelry here and even export it from Ghana,” he said.
President Mahama ended by urging members of the GoldBod Task Force to carry out their duties with honesty and discipline.
“This is not business as usual. The Ghanaian people are watching you and so is the world,” he warned.