President John Dramani Mahama has officially inaugurated the Ghana Gold Board Task Force, a strategic body established to enhance national control over the country’s gold resources and curb illegal mining activities.
The ceremony, held at the Presidency, marks a significant milestone in Ghana’s pursuit of economic revitalization under the Reset Agenda.
The Task Force’s inauguration follows the passage of the Ghana Gold Board Act, 2025 (Act 1140), a landmark legislation aimed at reforming and regulating Ghana’s gold sector for the benefit of all citizens.
President Mahama emphasized that the Act and its accompanying enforcement mechanisms represent a paradigm shift from an extractive model dominated by foreign interests to a sovereign-centered and value-driven system.
“For too long, our gold sector mirrored the Guggisberg system — where foreigners mined and exported our resources with minimal returns to the state. This ends now,” President Mahama stated.
He cited successful models like Botswana, where diamond exports are tightly regulated to benefit the local economy, as inspiration for Ghana’s gold sector reforms.
Gold Board’s Transformational Mandate
The Ghana Gold Board now has exclusive rights to purchase and export all gold produced in Ghana, except for large-scale mining operations where it maintains pre-emptive purchase rights.
The President outlined that the Board’s role extends beyond trade and includes regulation, environmental sustainability, traceability, and local value addition.
Since its interim establishment in January 2025, the Gold Board has already made significant strides.
By May 2025, it had exported 11 tons of gold valued at USD 1.1 billion, with cumulative exports from the small-scale mining sector totaling 51.5 tons (approximately USD 5 billion).
This marks a 95% increase over the same period in 2024 and, for the first time in Ghana’s history, surpasses large-scale mining exports.
“These inflows have boosted foreign reserves, stabilized the cedi, and demonstrated that small-scale miners, when formalized, can drive national economic growth,” the President noted.
Security and Accountability at the Core
The Gold Board Task Force, composed of officers from national security, the military, and other agencies, has undergone intensive training, vetting, and anti-corruption orientation.
All operations will be monitored via GPS tracking and body cameras, with written warrants required for deployments.
President Mahama issued a stern warning against misconduct:
“Abuse of authority will not be tolerated. Offenders will face dismissal, prosecution, and forfeiture of entitlements. The law will be enforced without fear or favour.”
The Task Force is further empowered by a whistleblower incentive system — informants will receive 10% of the value of any seized gold or cash tied to illicit activities.
Tackling Gold Smuggling and Boosting Transparency
The President cited alarming figures from recent audits showing a 229 metric ton discrepancy between Ghana’s official gold exports and partner country imports — a gap amounting to over USD 11.4 billion in losses over five years.
He affirmed the Gold Board’s mandate to dismantle black market networks and ensure traceability for every gram of gold through a nationwide verification system, with environmental and social responsibility embedded into operations.
A Vision for Value Addition and Local Empowerment
Looking ahead, the Gold Board will:
Establish an ISO-certified assay laboratory by 2026.
Transition to refined gold (bullion) exports to increase export earnings.
Create a “Gold Village” manufacturing hub for local jewelry production.
Support land reclamation and geological surveys to aid environmentally sustainable mining.
Empower Ghanaian-owned companies to build and operate modern gold mines.
“Ghanaians must be the first beneficiaries of our natural resource blessings. We will work with local companies with the capacity to mine responsibly and profitably,” President Mahama affirmed.
Ghana Ready for Responsible Gold Business
President Mahama invited international partners, including the London Bullion Market Association, the World Gold Council, and the OECD, to collaborate on this new gold economy founded on transparency, traceability, and sustainability.
In conclusion, he urged Task Force members to serve with honor and discipline:
“This is not business as usual. This is national duty. Ghana is watching — and so is the world.”
With that, President Mahama declared the Ghana Gold Board Task Force duly inaugurated, signaling the dawn of a new era in Ghana’s gold sector and broader natural resource governance.
