President John Dramani Mahama has issued a stern warning to individuals and foreign entities engaged in illegal gold trading, stating that violations of the GoldBod Act will result in substantial penalties of up to GHS 2.4 million, imprisonment, or both.
During the inauguration of the GoldBod Taskforce on Tuesday, July 8, at the National Security Secretariat, President Mahama emphasized that the new legislation explicitly prohibits unlicensed trading and forbids foreigners from purchasing gold in Ghana’s local market.
“The GoldBod Act forbids unlicensed trading and prohibits foreigners from buying on the local market. Any violation of this law may result in a fine of up to GHS 2.4 million or imprisonment for a term of five to ten years, or both. It is possible to be imprisoned and still be required to pay the fine,” he warned.
President Mahama underscored that the law will be enforced impartially, noting that both local and foreign offenders will face the full extent of legal repercussions.
He also took the opportunity to convey a clear message to members of the newly established GoldBod Taskforce, cautioning that any officer found misusing their authority will face severe consequences.
“Misuse of your authority will not be tolerated. Any officer discovered engaging in misconduct will face immediate disciplinary actions, including dismissal, prosecution, and loss of entitlements,” he stated.
The task force, which consists of security personnel from the military, national security, and other allied agencies, will be responsible for monitoring, investigating, and cracking down on illegal gold activities throughout the country.
President Mahama additionally announced the immediate implementation of a nationwide gold traceability system. He explained that this system 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 instructed the board to promptly establish a nationwide traceability system, guaranteeing that each gram of gold can be traced back to its verified license and environmentally compliant source mine,” he stated.
