Ghana to fine illegal gold traders up to GHS 2.4 million
President John Dramani Mahama has issued a strong warning to individuals and foreign actors engaged in illegal gold trading, declaring that Ghana will now impose strict penalties under the newly implemented GoldBod Act.
Offenders could face fines as high as GHS 2.4 million, imprisonment for up to ten years, or both.
Delivering the announcement during the inauguration of the GoldBod Taskforce on Tuesday, July 8, at the National Security Secretariat, President Mahama said the legislation represents a new era of accountability in the country’s extractive sector.
He made it clear that the Act bans unlicensed gold transactions and forbids foreign nationals from purchasing gold on Ghana’s domestic market.
“The GoldBod Act prohibits unlicensed trading and bans foreigners from purchasing on the local market. Any breach of this law could lead to a fine of up to GHS 2.4 million or imprisonment of five to ten years, or both. You can be imprisoned and still pay the fine,” he said.
Mahama noted that the law will be enforced without favour, regardless of the offender’s nationality or position. He made clear that both local actors and foreign businesses attempting to circumvent licensing requirements would be prosecuted to the fullest extent.
In addition to addressing offenders, the president turned his attention to the taskforce, cautioning its officers against any abuse of power.
The newly established GoldBod Taskforce is composed of personnel from Ghana’s military, national security, and other security agencies. It has been tasked with tracking, investigating, and dismantling illicit gold trading operations across the country.
“Abuse of your authority won’t be tolerated. Any officer found engaging in misconduct will face immediate sanctions, including dismissal, prosecution, and forfeiture of entitlements,” he stated.
The taskforce is intended not only as an enforcement mechanism, but also as a test of the government’s resolve to combat deeply rooted corruption in the gold industry.
As part of the operational strategy, President Mahama also unveiled the immediate rollout of a nationwide gold traceability system.
The system will track every gram of gold circulating in the legal supply chain, identifying its source and ensuring that it originates from a licensed, environmentally compliant mine.
“I have directed the board to immediately implement a nationwide traceability system, ensuring that every gram of gold can be traced back to its verified license and environmentally compliant mine of origin,” he said.
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