President John Dramani Mahama has issued a firm warning to individuals and foreign entities involved in illegal gold trading, announcing that violations under the GoldBod Act will attract a hefty fine of up to GHS 2.4 million, imprisonment, or both.
Speaking at the inauguration of the GoldBod Taskforce on Tuesday, July 8, at the National Security Secretariat, President Mahama said the new law explicitly bans unlicensed trading and prohibits foreigners from purchasing gold on Ghana’s local market.
“The GoldBod Act prohibits unlicensed trading and bans foreigners from purchasing on the local market. Any breach of this law could lead to a fine of up to GHS 2.4 million or imprisonment of five to ten years, or both. You can be imprisoned and still pay the fine,” he cautioned.
President Mahama stressed that the law will be applied without discrimination, adding that both local and foreign offenders will face full legal consequences.
He also used the occasion to send a direct message to members of the newly formed GoldBod Taskforce, warning that any officer caught abusing their power will not be spared.
“Abuse of your authority won’t be tolerated. Any officer found engaging in misconduct will face immediate sanctions, including dismissal, prosecution, and forfeiture of entitlements,” he declared.
The task force, made up of security personnel from the military, national security, and other allied agencies, will be charged with monitoring, investigating, and clamping down on illegal gold activities across the country.
President Mahama further announced that a nationwide gold traceability system is to be implemented immediately. This system, he explained, will ensure that every gram of gold in the market can be traced back to its licensed and environmentally compliant source of origin.
“I have directed the board to immediately implement a nationwide traceability system, ensuring that every gram of gold can be traced back to its verified license and environmentally compliant mine of origin,” he said.
Mahama inaugurates GoldBod taskforce, promises 10% reward for whistleblowers
