President Mahama Announces Strict Penalties for Gold Smugglers
President Mahama emphasizes zero tolerance for illegal gold trade under the GoldBod Act
- Illegal gold trading attracts fines up to GHS 2.4 million or 5–10 years imprisonment
- Foreigners are banned from purchasing gold on Ghana’s local market under the GoldBod Act
- A new nationwide gold traceability system will track all gold to licensed, compliant sources
President John Dramani Mahama has issued a stern warning to those engaged in illegal gold trading, including both locals and foreign parties.
He emphasized that under the GoldBod Act, offenders face a hefty penalty of up to GHS 2.4 million, imprisonment for five to ten years, or both.
Speaking at the launch of the GoldBod Taskforce on July 8 at the National Security Secretariat, President Mahama highlighted that the new legislation explicitly forbids unlicensed gold trading and bars foreigners from purchasing gold within Ghana’s local market.
“The GoldBod Act clearly bans unlicensed trading and prohibits foreigners from buying gold locally. Violators risk fines up to GHS 2.4 million, jail sentences ranging from five to ten years, or both penalties combined,” he warned.
He made it clear that the law will be enforced fairly and firmly against all offenders, whether Ghanaian or foreign.
President Mahama also addressed the newly established GoldBod Taskforce, cautioning that any abuse of power by its members would lead to swift disciplinary action. “Misconduct by officers will not be tolerated and will result in immediate consequences such as dismissal, prosecution, and loss of benefits,” he stated.
The task force, composed of personnel from the military, national security, and allied agencies, is tasked with tracking, investigating, and shutting down illegal gold operations nationwide.
In addition, President Mahama announced the immediate rollout of a nationwide gold traceability system to track every gram of gold back to a licensed, environmentally compliant source.
“I have directed the board to promptly implement a comprehensive traceability system, ensuring every gram of gold in the market is linked to a verified license and responsible mining origin,” he concluded.
