President John Dramani Mahama has issued a strong warning against illegal gold trading in Ghana, stating that offenders could face fines of up to GH₵2.4 million, imprisonment for five to ten years, or both.
He delivered this message during the official inauguration of the GoldBod Task Force in Accra on Tuesday, July 8, 2025.
The President emphasized that the Gold Board Act strictly prohibits unlicensed gold trading and bars foreigners from purchasing gold on the local market. Violations of this law, he said, will not be taken lightly. “You can go to prison for up to ten years and still pay a heavy fine,” he warned.
However, he noted that foreign companies may operate legally if they obtain the necessary licenses from the Gold Board, allowing them to purchase gold or invest in refining and value addition processes.
President Mahama highlighted that the Gold Board’s role goes beyond gold trading. It is also tasked with ensuring environmental protection, promoting transparency, and enforcing responsible sourcing of gold.
“Our message is simple: operate within the law or face the full force of the law,” he declared.
As part of broader efforts to reform the gold sector, the President announced several new initiatives, including the launch of a nationwide gold traceability system. This system will track every gram of gold back to a licensed and environmentally compliant mining site.
The GoldBod Task Force will also oversee post-mining land restoration through projects like the Blue Water and Tree for Life initiatives. Additionally, the Board will support small-scale miners by providing accurate geological data to encourage responsible practices and improve productivity.
President Mahama revealed plans to stop the export of raw gold bars—commonly known as doré—by 2026. Instead, the country aims to refine most of its gold domestically to increase export value. A state-of-the-art, ISO-certified assay laboratory is set for completion next year to meet global standards.
Another key initiative is the creation of a “Gold Village”—a dedicated hub for jewelry and ornamental gold production. According to the President, this will position Ghana as a leader in gold value addition and reduce dependence on foreign markets for jewelry.
“We want to make it possible for Ghanaians to buy high-quality jewelry locally and even export it from here,” he said.
He concluded by urging members of the GoldBod Task Force to uphold integrity and discipline in executing their duties.
“This is not business as usual. The Ghanaian people are watching you—and so is the world,” President Mahama cautioned.
