President John Dramani Mahama has officially inaugurated the Gold Board Task Force, describing it as a strategic force designed not just for enforcement, but to transform Ghana’s gold industry and reclaim national sovereignty over the country’s mineral wealth. The event, which took place on Tuesday, marks a significant step in the implementation of the Ghana Gold Board (Goldbod) under the newly passed Goldbod Act, 2025 (Act 1140).
Speaking at the ceremony, President Mahama stated that Goldbod now has exclusive rights to purchase and export all gold produced in Ghana—except for gold mined by large-scale companies. He explained that this exclusive mandate is part of a new national vision that aims to shift the country from raw extraction to value addition, ensuring that the wealth generated from gold remains within Ghana.
According to the President, the Gold Board Task Force will restore accountability and integrity to the gold sector, while also targeting illegal mining, gold smuggling, and unlicensed traders. He made it clear that the Task Force is not merely for security or surveillance but is a “strategic arm of economic transformation” that aligns with Ghana’s broader goal of industrialising and maximising revenue from its natural resources.
Sending a strong warning to illegal gold dealers and smugglers, 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.”
In a bid to boost citizen involvement, the President announced the introduction of a whistleblower reward system. Individuals who provide credible leads that result in the arrest of suspects or the recovery of gold or money will be rewarded with 10% of the recovered value.
He also urged the newly inaugurated Task Force members to uphold professionalism, loyalty, and discipline. Mahama made it clear that any form of misconduct, compromise, or corruption within the Task Force will not be tolerated. “Anyone found violating their mandate will face severe consequences—ranging from dismissal to prosecution and loss of entitlements,” he said.
The President emphasized the seriousness of the Goldbod Act, 2025, citing that any breach of its provisions attracts a fine of up to GHS 2.4 million, a prison sentence between five to ten years, or both. He stressed that the new legal framework aims to protect Ghana’s gold sector from criminal networks and foreign exploitation.
Among the key clauses in the Act are:
A complete ban on unlicensed gold trading
An explicit prohibition on foreigners buying gold in local markets
A licensing window for foreign entities who wish to participate in refining and value-addition processes through the Goldbod
President Mahama called on legitimate investors, both local and foreign, to align with Goldbod by applying for approved licenses to engage in offtake agreements, refining operations, or value-added gold production.
The inauguration of the Gold Board Task Force has been widely viewed as a move to tighten regulatory oversight, improve revenue capture, and sanitise Ghana’s gold sector, which has long been plagued by illegal mining operations and foreign involvement in unregulated trade.
With Ghana being one of Africa’s top gold producers, the establishment of Goldbod and the Task Force signals a clear policy shift towards resource nationalism, industrialisation, and transparent governance in the extractive sector.
