President John Dramani Mahama has issued a strong warning to both local and foreign actors engaged in illegal gold trading.
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Speaking at the inauguration of the GoldBod Taskforce on Tuesday, July 8, he stated that offenders face a fine of up to GHS2.4 million, imprisonment of five to ten years, or both, under the new GoldBod Act.
“The GoldBod Act prohibits unlicensed trading and bans foreigners from buying gold on Ghana’s local market,” Mahama said at the National Security Secretariat. “Violators will face stiff penalties without exception.”
He emphasized that the law applies equally to Ghanaians and foreigners. “You can be jailed and still be required to pay the full fine,” he warned.
Mahama also cautioned members of the newly formed task force, composed of military, national security, and allied agency personnel, against abusing their authority. “Any officer found guilty of misconduct will be dismissed, prosecuted, and stripped of entitlements,” he declared.
The task force is mandated to monitor, investigate, and clamp down on illegal gold activities nationwide.
In a decisive move to increase accountability, Mahama announced the immediate rollout of a national gold traceability system. “Every gram of gold must be traceable to a licensed and environmentally compliant source,” he said.
This initiative is part of a broader effort to curb smuggling, improve transparency, and protect Ghana’s natural resources.
