Gold smugglers to face up to GH¢2.4m fine, 10yrs in jail or both – Mahama

President John Dramani Mahama has issued a stern warning to individuals engaged in illegal gold trading, cautioning that offenders will face severe consequences under the newly established Gold Board regulatory framework.

Speaking at the official launch of the Ghana Gold Board (GoldBod) Taskforce on Tuesday, July 8, 2025, President Mahama stressed that the government will enforce the law without fear or favor in its effort to sanitize the gold trade sector.

“The law is going to be enforced without fear or favor. The Gold Board Act prohibits unlicensed trading and bans foreigners from purchasing gold on the local markets. Any breach of this act could lead to a hefty fine of up to 2.4 million Ghana cedis, or imprisonments of 5 to 10 years, or both. You can be imprisoned between 5 to 10 years and still pay the fine. So this is a warning to those involved in the illicit gold trade.”

However, the President noted that foreign entities interested in participating in Ghana’s gold trade can do so legally by applying for appropriate licenses through the Gold Board, particularly for refining and value addition.

“However, foreign entities may apply to Gold Board for licenses to obtain gold or invest in refining and value addition.”

“And so our message is simple today,” he added, “operate within the law or you’ll face the full consequences of the law.”

The President emphasized that the newly inaugurated Taskforce will serve as a key enforcement body, tasked with upholding the provisions of Act 1140, which overhauled Ghana’s gold trading system.

The Act also revoked all licenses previously issued by the defunct Precious Minerals Marketing Company (PMMC) and the Ministry of Lands and Natural Resources.

The reforms, he explained, aim to improve regulatory oversight, curb illegal activities, and promote transparency within the small-scale mining sector.

President Mahama reiterated that the Taskforce—composed of personnel from national security, the military, and other enforcement agencies—will operate under strict oversight and help protect Ghana’s valuable mineral resources from exploitation.