President John Dramani Mahama has warned individuals and foreign entities engaged in illegal gold trading, announcing that, violators will face severe consequences under the newly enacted GoldBod Act.
Speaking at the official inauguration of the GoldBod Taskforce at the National Security Secretariat, President Mahama declared that offenders risk fines of up to GHS 2.4 million, imprisonment between five and ten years, or both.
“You can be imprisoned and still pay the fine,” he warned. “The law will be applied without discrimination” the president warned whiles speaking at the event.
The GoldBod Act imposes strict prohibitions on unlicensed gold trading and bars foreign nationals from purchasing gold on Ghana’s local market.
The President emphasized that the law was designed to protect the integrity of Ghana’s mineral economy and ensure that benefits remain within national borders.
The newly formed taskforce, comprising personnel from the military, national security, and allied agencies, has been charged with investigating, monitoring, and dismantling illegal gold operations.
President Mahama sent a stern warning to members of the taskforce, “Any officer found abusing their power will face dismissal, prosecution, and forfeiture of entitlements.”
President Mahama further announced the immediate rollout of a nationwide gold traceability system.
The system will ensure that every gram of gold sold or exported from Ghana can be tracked back to a licensed, environmentally compliant mine.
“This will help eliminate illegalities and ensure the wealth generated from our gold benefits the people of Ghana”.
