In a decisive move to reclaim Ghana’s gold wealth from the grips of illegal trade and boost the country’s foreign reserves, President John Dramani Mahama has formally inaugurated the Ghana Gold Board Task Force.
The inauguration ceremony, which brought together ministers of state, heads of security agencies, chiefs of key sector institutions, and civil society stakeholders, marked a critical shift from policy formulation to hands-on enforcement under the government’s “Reset Agenda.“
Addressing the nation at the event, President Mahama described the task force’s formation as a “solemn but highly consequential task” geared towards revamping Ghana’s gold sector.
“The inauguration of the Ghana Gold Board Task Force marks a critical step in fully operationalising the Ghana Gold Board, which was established under Act 2025, At 1140, which I gave ascent to earlier this year. Today, we move from policy to implementation.
“The task force is not just a security initiative. It is a strategic arm of national economic transformation purposefully designed to restore integrity, accountability and value to Ghana’s gold sector.”
President of the Republic of Ghana, HE John Dramani Mahama
The initiative, he said, represents a central pillar of the National Democratic Congress’s 2024 manifesto commitment to economic revitalization through institutional reform and strategic resource governance.
President Mahama recalled the conceptual roots of the Goldbod, tracing it back to the NDC’s 2020 manifesto. Although the party did not win that election, he said the vision remained intact and was prioritized in the 2024 manifesto.
Road to Gold Board’s Establishment
The President noted that one of his first actions upon returning to office was the appointment of Sammy Gyamfi as Acting Managing Director of the Precious Minerals Marketing Company (PMMC), which was mandated to transform into what is now the Ghana Gold Board.
According to him, under the guidance of the Finance Minister, Dr Cassiel Ato Forson, a technical committee spearheaded nationwide consultations with miners, traders, traditional authorities, and civil society organisations.
These engagements, he noted, laid the groundwork for Act 1140, which President Mahama hailed as “a world-class piece of legislation.”
Ghana remains Africa’s leading gold producer and ranks sixth globally. Yet, the President lamented, the country has historically failed to derive full value from this resource.
Through the Goldbod, he emphasized, Ghana is now asserting sovereignty over its mineral wealth and instituting a transparent, centralized system for gold trading, similar to the one in place for cocoa.
“The Gold Board is designed to oversee, regulate, and participate directly in the gold value chain—from small-scale mining to assaying, to trading and exporting. It now holds exclusive rights to purchase and export all gold produced in Ghana, except that which is from large-scale mining firms—over whom it still holds preemptive purchase rights.”
President of the Republic of Ghana, HE John Dramani Mahama
Evident Result of the Goldbod
The results, he said, are already evident, asserting that in May 2025 alone, the Gold Board exported 11 tons of gold worth approximately $1.1 billion. Cumulatively, the President revealed that from January to May, exports from the small-scale sector totalled 51.5 tons, valued at $5 billion.
“That’s $5 billion that would have otherwise left the country through smuggling but has now come back into the Bank of Ghana. For the first time in our history, small-scale mining exports have exceeded those from large-scale operations”.
President of the Republic of Ghana, HE John Dramani Mahama
According to President Mahama, these inflows have significantly strengthened Ghana’s foreign reserves, improved the balance of payments, and played a crucial role in stabilizing the Ghana Cedi. “It is Gold Board that has made the cedi an abrantie—stronger now,” he added.
However, President Mahama acknowledged that challenges persist, especially with gold smuggling and illicit trade.
He cited a recent report that revealed a discrepancy of 229 metric tons between Ghana’s official gold export records and those of its trading partners—translating into over $11.4 billion in lost revenue over the past five years. “This will not continue,” the President warned.
Taskforce Mandate
The new Gold Board Task Force is designed to tackle such illicit activities head-on. Comprising personnel from national security, the military, and other specialized units, the task force has undergone extensive training, vetting, and anti-corruption orientation.
All officers will operate under tight oversight—equipped with body cameras, GPS-tracked vehicles, and a requirement for written authorization from the Goldbod CEO before any operation.
To enhance public involvement, President Mahama indicated that whistleblower channels have been set up, with informants eligible to receive 10% of any seized gold or its cash equivalent.
“If you blow the whistle on anybody and gold is retrieved or cash is retrieved, you will get 10% of the value,” President Mahama announced. In a stern caution to members of the task force, President Mahama was unequivocal that any abuse of the task force’s authority would not be tolerated.
He cautioned that any officer found engaging in misconduct will face immediate sanctions, which could include dismissal, prosecution, and forfeiture of their entitlements.
He also reminded illegal traders that the new legal regime under Act 1140 carries harsh penalties, stressing that any breach of this Act could lead to a hefty fine of up to GH₵2.4 million, or imprisonment of five to ten years, or both.
While the law bans foreigners from buying gold on the local market, it allows foreign entities to apply for licenses to offtake gold or invest in refining and value addition. “Our message is simple: operate within the law, or face the consequences,” he stressed.
Beyond regulation and enforcement, the President noted that the Goldbod also has environmental responsibilities. He directed the board to immediately implement a nationwide traceability system to ensure that all gold can be traced back to its legally compliant source.
Additionally, President Mahama indicated that the Gold Board will further invest in land reclamation and ecological restoration through projects like the Blue Water Initiative and the Tree for Life Initiative, both championed by the Ministry of Lands and Natural Resources.
President Mahama noted that in addition, the Goldbod will support geological surveys to assist small-scale miners in identifying viable sites, reducing environmental damage and boosting productivity.
Government’s Vision of Assayer Laboratory
Looking ahead, he noted that his government aims to refine all of Ghana’s gold before export, stating that plans are already in motion to establish an ISO-certified assay laboratory by 2026 to comply with international bullion export standards.
“We are no longer content with exporting raw dory bars,” President Mahama said, noting the economic gains from refining gold locally. To further enhance value addition, the President revealed that the Goldbod would establish a “Gold Village“—a manufacturing hub for jewellery and ornamental gold products.
“Our women will no longer need to go to Dubai to buy jewellery. You will buy the jewellery here—and even export it if you wish”.
President of the Republic of Ghana, HE John Dramani Mahama
President Mahama extended an invitation to international partners such as the London Bullion Market Association, the World Gold Council, and the OECD to collaborate with Ghana on this “transformative journey.” “Ghana is open for business—sustainably, transparently, and profitably,” he asserted.
In his final charge to the task force members, President Mahama called on them to uphold the highest standards of professionalism and national pride.
“This is not business as usual. This is a matter of national duty and pride. Breaches of your oath will be met with swift and lawful consequences. The Ghanaian people are watching you—and so is the rest of the world”.
President of the Republic of Ghana, HE John Dramani Mahama
He concluded by declaring the Ghana Gold Board Task Force duly inaugurated, signalling what he called a “new dawn for Ghana’s gold sector”—one driven by transparency, national interest, and a renewed commitment to shared prosperity.
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