President John Dramani Mahama has warned that Ghana will strictly enforce the Ghana Gold Board Act, 2025 (Act 1140), with heavy penalties for illegal gold trading and smuggling.
Speaking at the inauguration of the Ghana Gold Board (GoldBod) Task Force on Tuesday, July 8, 2025, at Jubilee House, Accra, the President cautioned both local and foreign traders to comply with the law or face the full consequences.
“Let this serve as a warning to all those involved in gold smuggling and illegal trade: the law will be enforced without fear or favour,” he declared.
He stressed that the Act prohibits unlicensed trading and explicitly bans foreigners from purchasing gold on the local market. Offenders risk a fine of up to GHS 2.4 million or imprisonment between five to ten years, or both.
However, he noted that foreign entities interested in the sector may apply to the Ghana Gold Board for licences to off-take gold or invest in refining and value addition.
“Our message is simple: Operate within the law or face the full consequences of it,” President Mahama stated.
The enforcement of Act 1140 is part of a broader strategy to combat smuggling, restore integrity to the gold trade, and assert national sovereignty over Ghana’s mineral wealth. The GoldBod now holds exclusive rights to purchase and export all gold produced in Ghana, with the exception of large-scale mining firms, where it holds preemptive rights.
Source: Starrfm.com.gh
