President John Dramani Mahama has issued a strong warning to individuals and foreign entities engaged in illegal gold trading in Ghana, stating that violators of the newly enacted GoldBod Act will face severe penalties — including fines of up to GHS 2.4 million, imprisonment, or both.

Addressing the official inauguration of the GoldBod Taskforce on Tuesday, July 8, at the National Security Secretariat, President Mahama underscored the government’s uncompromising stance against illegal mining and trading activities.

“The GoldBod Act prohibits unlicensed gold trading and expressly bars foreigners from purchasing gold on the local market,” he stated.

“Breaching this law could result in a fine of up to GHS 2.4 million, a prison term of five to ten years, or both.

Let me be clear — you can be imprisoned and still be required to pay the full fine.”

President Mahama emphasized that the law will be enforced without exception, cautioning that both Ghanaian and foreign violators will face full legal consequences.

Turning his attention to the newly formed GoldBod Taskforce, the President issued a stern warning against abuse of authority. “Abuse of your authority won’t be tolerated.

Any officer found engaging in misconduct will face immediate sanctions, including dismissal, prosecution, and forfeiture of all entitlements,” he declared.

The GoldBod Taskforce, comprising personnel from the military, national security, and other allied agencies, is mandated to monitor, investigate, and crack down on illegal gold operations across the country.

As part of broader reforms, President Mahama also announced the immediate rollout of a nationwide gold traceability system. The initiative aims to guarantee that all gold traded in Ghana originates from legally licensed and environmentally compliant sources.

“I have directed the board to implement a nationwide traceability system to ensure every gram of gold can be traced back to its verified license and mine of origin,” he said.

The launch of the task force and supporting measures mark a significant step in Ghana’s efforts to regulate its gold sector, strengthen transparency, and clamp down on illegal activities undermining the economy and environment.