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Mining industry

Ghana Launches Sweeping Crackdown on Gold Smuggling and Illicit Trade

Strategic Insights

— 2 min read

Ghana President John Dramani Mahama has declared war on gold smuggling and illicit trade, vowing to bring those responsible to justice. At the inauguration of the Ghana Gold Board (GOLDBOD) Task Force, President Mahama warned that anyone engaging in illegal transactions will face severe consequences. The Task Force is a critical step in implementing the Ghana Gold Board Act, 2025 (Act 1140), aimed at restoring integrity and value to Ghana's gold sector.

Key Takeaways:

  • President Mahama has declared a sweeping crackdown on gold smuggling and illicit trade in Ghana's mining sector, warning that any individual or group found engaging in illegal transactions will face the full force of the law.
  • The Ghana Gold Board (GOLDBOD) Task Force, inaugurated by President Mahama, is a strategic instrument in Ghana's broader economic transformation agenda, aimed at restoring integrity, accountability, and value to Ghana's gold sector.
  • The Task Force is governed by rigorous accountability mechanisms, including body cameras for all officers during operations, GPS-tracking of vehicles in real-time, and a written warrant from the GOLDBOD CEO before any field operation.
  • Whistleblowers are eligible for 10% of the value of seized gold or cash, while any abuse of authority will result in immediate sanctions, including dismissal, prosecution, and forfeiture of all entitlements.
  • Ghana has a 229-metric tonne discrepancy between official gold exports and import records of its trading partners, resulting in over $11.4 billion in lost revenue over five years.
  • The GOLDBOD Act criminalizes unlicensed gold trade and bars foreigners from buying gold locally, with penalties including fines up to GHC 2.4 million, jail terms between 5 to 10 years, or both.
  • President Mahama has invited international partners to collaborate with Ghana in a transparent, profitable, and sustainable gold trade system, including a nationwide gold traceability system, local refining, and global integration.
  • Ghana aims to establish an ISO-certified assay laboratory by 2026 and transition its gold exports from raw Dore bars to refined bullion.

Statistics:

  • Ghana is the leading gold producer in Africa and sixth globally, with the country historically failing to derive fair value from its mineral wealth.
  • The Ghana Gold Board (GOLDBOD) has recorded significant achievements, including exporting 11 tonnes of gold valued at $1.1 billion and reaching 51.5 tonnes worth an estimated $5 billion in total exports from the small-scale sector by May 2025, representing a 95% increase from the same period in 2024.
  • Ghana's official gold exports have a 229-metric tonne discrepancy with import records of its trading partners, resulting in over $11.4 billion in lost revenue over five years.

Sources:

  • Ghana Gold Board (GOLDBOD) Act, 2025 (Act 1140)
  • Report indicating a 229-metric tonne discrepancy between Ghana's official gold exports and import records of its trading partners
  • President John Dramani Mahama's inauguration address of the Ghana Gold Board (GOLDBOD) Task Force at the Jubilee House

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