Those who report illegal gold dealers, leading to their arrests, will receive 10 per cent of the value of the seized precious metal or its equivalent in cash, President John Dramani Mahama has announced.
He said the whistleblower arrangement was part of stringent new measures to combat smuggling of gold from the country in addition to other punitive sanctions such as hefty fines and imprisonment.
“Whistleblowers are eligible to receive 10 per cent of the seized gold or cash value.
If you blow the whistle on anybody and gold or cash is retrieved, you’ll get 10 per cent of the value,” he said.
President Mahama was speaking at the National Security Secretariat in Accra yesterday, when he inaugurated the Ghana Gold Board Task Force, a specialised team of security operatives mandated to crack down on illegal gold trading and smuggling.
Present at the ceremony included the Minister of Finance, Dr Cassiel Ato Forson, under whose ministry the Ghana Gold Board (GoldBod) operates, the Minister of Lands and Natural Resources, Emmanuel Armah-Kofi Buah, and the Chief Executive Officer (CEO) of GoldBod, Samuel Gyamfi.
Others were the National Security Coordinator, Deputy Commissioner of Police (DCOP) Abdul Osman Razak, and other government officials and security capos.
The Gold Board Act, 2025 (Act 1140) prohibits unlicensed trading in gold and bans foreigners from purchasing gold from the local market. Any infringement attracts a fine of up to GH¢2.4 million, imprisonment of between five and 10 years, or both.
“Let this serve as a warning to all those involved in gold smuggling and the illegal trade. You can be imprisoned for between five and 10 years and still pay the fine,” the President stated.
However, President Mahama assured foreign entities that they might apply to the Gold Board for licences to obtain gold or invest in refineries and value addition.
Misconduct
The President cautioned members of the newly inaugurated task force against abuse of authority, stating that any officer found engaging in misconduct would face “immediate sanctions,” including dismissal, prosecution and forfeiture of entitlements.
“This assignment is not business as usual. It is a matter of national duty and pride. Breaches of your oath will be met with swift and lawful consequences,” President Mahama stressed.
Gold exports
Since its interim formation in January this year, the GoldBod has overseen a significant surge in exports. In May alone, the board exported 11 tonnes of gold valued at $1.1 billion.
Cumulative exports from the small-scale sector reached 51.5 tonnes as of the end of last month, valued at approximately $5 billion, a 95 per cent increase over the same period in 2024.
“This is gold money that would not have come back to Ghana because traders would have taken it freely out of our country and kept the foreign exchange reserves outside,” President Mahama said.
Traceability, value addition
Beyond revenue generation, President Mahama said the GoldBod was implementing measures to ensure traceability, environmental sustainability and responsible sourcing.
“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, licensed and environmentally compliant mine of origin,” the President said.
Plans are also underway to establish an International Standardisation Organisation (ISO)-certified assay laboratory by 2026, with Ghana transitioning from exporting raw bars to refined bullion.
Additionally, the board will invest in land reclamation and ecological restoration through initiatives such as the “Blue Water Initiative” and “Tree for Life” programme.
Gold village
President Mahama also announced plans to establish a “Gold Village,” a manufacturing hub for gold jewelry and ornament production to position Ghana as a continental leader in value addition.
“Our women no longer need to travel outside to buy jewellery. You buy the jewellery here, and you can rather export it to wherever you want,” he said.
President Mahama charged the task force to “serve with honour, uphold the values of integrity, professionalism, and discipline. The Ghanaian people are watching you and so is the rest of the world.”
Reset
The Ministers of Finance, Lands and Natural Resources and the CEO of GoldBod expressed deep concern over the rampant smuggling of gold from Ghana.
Dr Forson revealed that during the peak of the economic challenges in 2022, approximately 60 tonnes of gold, valued at about $1.2 billion, were smuggled out of the country.
That loss occurred at a time when Ghana’s foreign reserves stood at less than $300 million, making the smuggled amount nearly half of the bailout funds Ghana was seeking from the International Monetary Fund (IMF).
