ACCRA, Ghana – President John Dramani Mahama on Tuesday says the new task force is a crucial strategic arm poised to enforce the mandate of the newly established Ghana Gold Board (Goldbod) and usher in a new era of value addition and national sovereignty within Ghana’s gold sector.
During 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, with the exception of gold from large-scale mining firms. He emphasized, “Through the GoldBod, we are setting national sovereignty over our mineral wealth and introducing a paradigm shift from raw extraction to value addition.”
The President underscored that the Task Force is more than just a security initiative, describing it as “a strategic arm of national economic transformation, purposefully designed to restore integrity, accountability, and value to Ghana’s gold sector.”
Issuing a stern 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, he announced a 10% lump sum reward for whistleblowers whose information leads to arrests or the retrieval of gold or cash.
Addressing the newly inaugurated Task Force members, President Mahama cautioned against any compromise or abuse of authority, warning that breaches of their mandate would result in severe sanctions, including dismissal, prosecution, and forfeiture of entitlements. He also detailed the stringent penalties under the Goldbod Act, 2025, for violations by individuals or entities operating outside the law, noting that breaches could lead to a fine of up to GHS 2.4 million or imprisonment for five to ten years, or both.
Key provisions of the Goldbod Act highlighted by the President include a strict prohibition of unlicensed gold trading 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 can apply to Goldbod for licenses to off-take gold or invest in refining and value-adding processes.
Ruth Abla ADJORLOLO
