The gold bars were seized by officers of the Upper East Command of the Narcotics Control Commission at the Paga Border Post from two Burkinabe nationals who were attempting to smuggle them out of the country. The two nationals have also been charged with gold offences relating to transportation and dealing in gold.

Minister for the Interior, Hon. Muntaka Mohammed-Mubarak, assured the management of GoldBod of the Ministry’s continued support and backing for GoldBod’s efforts to manage Ghana’s gold resources.

The Chief Executive Officer of GoldBod, Mr. Sammy Gyamfi, expressed gratitude to the Director-General of NACOC for the successful handover and called for continued support and collaboration between various security agencies to enable them to succeed.

The handing over ceremony was witnessed by the Chief Director of the Ministry, Mrs. Doreen Annan, Director General of NACOC, Brigadier General Maxwell Obuba Mantey, and other senior officials from NACOC and GoldBod.

Dr. Ato Forson attributed this milestone to the effective operations of the Ghana Gold Board (GoldBod), which has facilitated substantial foreign exchange inflows, strengthened Ghana’s reserves, improved the balance of payments, and provided critical support for the Ghana cedi.

“Mr. Speaker, this tells a story of a country which has been denied the full benefit of its gold resources,” he said.

The Finance Minister used the occasion to urge gold traders to strictly adhere to GoldBod regulations. He warned that the government of President Mahama will take strong action against illegal trade and smuggling, describing these activities as “nation-wrecking” and detrimental to Ghana’s progress.

“I also want to use this opportunity as the sector Minister to reiterate that the government of President Mahama will deal ruthlessly with anyone found engaging in illegal trade and smuggling. As this nation-wrecking activity sabotages the progress of our country… no one should come to us and beg,” Ato Forson emphasized.

Presenting the 2025 Mid-Year Budget Review in Parliament on Thursday, Dr. Ato Forson emphasized the government’s determination to clamp down on illegal gold trading and smuggling, describing such acts as “nation-wrecking.”

“Let me be clear, no one should come to us and beg. The government of President Mahama will deal ruthlessly with anyone found engaging in illegal trade and smuggling,” he warned.

Dr. Ato Forson highlighted the establishment of the Ghana Gold Board (GoldBod) as a major step toward fulfilling a key manifesto promise. The board is tasked with accumulating foreign exchange reserves to support the stability of the Ghana cedi.

Under the new law, effective June 21, 2025, only individuals or companies with a valid GoldBod license may legally purchase, sell, or trade gold. All export rights tied to previous licenses issued by the Ministry of Lands and Natural Resources have been revoked. From now on, only GoldBod is authorized to export small-scale gold from Ghana.

This was revealed by the Minister for Lands and Natural Resources, Emmanuel Armah-Kofi Buah, during the Government Accountability Series on Wednesday, July 23, where he reaffirmed the government’s commitment to legal, ethical, and environmentally sound gold mining practices.

“Transparent sourcing of gold is critical,” Hon. Buah stated. “GoldBod is a game-changer in making sure that all gold exported from Ghana can be traced back to legitimate sources. We are building trust in the global marketplace.”

The Minister said Ghana’s new focus on cooperative and community-based mining, backed by on-site refining capacity, will significantly improve compliance with international standards. Through GoldBod, government is deploying systems to certify gold from vetted and legal mining entities, especially those operating under cooperative models.

He disclosed that the recent Mining in Motion conference brought together leading global players in the gold value chain, who were impressed with Ghana’s direction. “They now see Ghana as serious about sustainable and responsible mining—and that opens doors for support, investment, and stronger export markets.”

GoldBod is expected to serve as a digital and operational backbone for Ghana’s responsible mining vision, enabling verification of the source, legality, and environmental impact of exported gold.

Armah-Kofi Buah also emphasized that ensuring legal sourcing isn’t just about compliance, but about national reputation. “When our gold is certified and traceable, it earns a better place on the world stage. This isn’t just about mining—it’s about positioning Ghana as a responsible resource nation.”

The Minister noted that land reforms and stricter oversight of foreign participation in small-scale mining are also in motion to complement GoldBod’s goals and sanitize the industry.

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According to the Chamber, a significant portion of this amount—US$3.5 billion—was spent on procuring goods and services, while US$28 million went into corporate social investments aimed at improving livelihoods in mining communities. Additionally, the industry recorded major capital expenditure of US$973 million, imported consumables worth US$241 million, and amortized loans and interest payments totaling US$111.3 million.

In a move that contributed to the Bank of Ghana’s efforts to shore up its foreign reserves and stabilize the local currency, producing member companies sold 358,218 ounces of gold to the central bank under the Domestic Gold Purchase Programme (DGPP). The Chamber described this initiative as a clear demonstration of its commitment to macroeconomic stability and national interest.

Employment figures from the report further highlight the industry’s strong local participation, with a total of 11,372 people in direct employment—11,303 of whom are Ghanaians, representing over 99% of the workforce. Expatriates accounted for just 0.6%, with 69 individuals in direct employment. In total, mining companies paid US$615 million in compensation to their employees.

The sector’s contribution to national revenue was equally significant, with overG ₵10.3 billion paid in corporate tax alone.

The Chamber noted that these numbers reinforce the mining industry’s position as a strategic partner in Ghana’s development agenda, not just as a revenue generator, but also as a reliable driver of socio-economic transformation.

uring the visit, Mr. Debrah toured the facility, engaged with management and frontline staff, and received briefings onGoldBod’s current operations, achievements, and challenges. He expressed government’s appreciation for the critical role the organization plays in promoting transparency, regulation, and value addition in Ghana’s gold trade.

The visits comes barely two days after President John Mahama officially inaugurated the GoldBod task force to help clam down on the activities of gold smugglers across the country.

He encouraged the staff to continue working with professionalism and integrity, assuring them of the government’s support in strengthening the institution’s mandate and operational capacity. Mr. Debrah also extended his best wishes to the team and urged them to remain focused on their mission of safeguarding Ghana’s gold industry for future generations.

GoldBod, a key agency under Ghana’s Ministry of Lands and Natural Resources, is responsible for regulating gold exports, curbing smuggling, and enhancing the country’s revenue from artisanal and small-scale mining.

He announced a series of strict oversight measures aimed at ensuring professionalism and public trust.

Speaking at the launch event in Accra on Tuesday, July 8, President Mahama stressed that the task force, established to tackle illegal gold trading and safeguard Ghana’s natural resources, will operate under the highest standards of operational integrity.

“Every member of the task force will operate under strict oversight,” he declared. “All officers will wear body cameras in every operation they undertake, and the vehicles used by the taskforce will be GPS tracked and monitored in real-time.”

In addition to these surveillance and monitoring provisions, President Mahama introduced a procedural requirement to further enhance accountability.

“A written warrant from the CEO is required before any field operation is undertaken,” he stated, adding that the move is designed to prevent arbitrary action and promote disciplined enforcement.

The GoldBod Taskforce has been tasked with confronting illegal small-scale mining, locally known as galamsey, which has caused significant environmental damage, particularly to rivers and forested areas.

The initiative is also expected to improve the recovery of lost mineral revenue and ensure greater benefits for the state and its citizens.

The GoldBod Taskforce is set to commence field operations within the coming weeks.

Mr. Gyamfi described the deployment of a nationwide gold aggregation system as a “game-changer,” saying it is helping to streamline ASM gold collection, enhance traceability, and maximise mineral revenue for the country.

“We have intensified the fight against gold smuggling like never before, effective aggregation networks and systems have been rolled out across the country to mop up almost all ASM gold produced,” he said.

He stressed that the previous era, when large volumes of ASM gold were smuggled out of the country, robbing Ghana of crucial revenue and exposing the sector to environmental risks is now being firmly addressed.

“Today, the state is mopping up ASM gold responsibly. We are exporting it and bringing in the corresponding foreign exchange to support the economy,” Mr. Gyamfi added.

Enhancing Financial Oversight

As part of its reforms, the Gold Board has tightened licensing requirements to ensure compliance with national and international financial regulations. 

Mr. Gyamfi explained that companies seeking a Gold Board license must now undergo rigorous Know Your Customer (KYC) and due diligence checks in collaboration with the Bank of Ghana and the Financial Intelligence Centre.

“This is part of our broader commitment to promoting anti-money laundering and counter-terrorism financing regulations, we’re determined to ensure that the gold trade in Ghana is transparent, secure, and beneficial to the national economy,” he said.

Business Implications

The crackdown on smuggling and improved gold traceability are expected to restore investor confidence in Ghana’s gold supply chain and increase formal sector participation. 

Moreover, the Gold Board’s reforms are anticipated to stimulate job creation, improve revenue mobilisation, and encourage partnerships between small-scale miners and formal financial institutions, including gold refiners and exporters.

Speaking at the “Mining in Motion” Summit held at the Kempinski Hotel in Accra, the CEO commended President Mahama for his vision in establishing GoldBod to regulate and formalize gold trading in the country.

“Ghana may be Africa’s top gold producer, but for too long, we’ve been like a butcher starved of protein,” the CEO remarked, highlighting the paradox of wealth without broad-based benefit.

He attributed this to a previously fragmented and poorly regulated sector that enabled smuggling and undermined national revenue.

Since its establishment, GoldBod has introduced stricter regulatory controls, intensified the fight against gold smuggling, and implemented effective gold aggregation systems nationwide. The impact has been immediate and significant.

Between February and May 2025, GoldBod purchased and exported artisanal and small-scale mining (ASM) gold worth approximately GH¢40 billion (US$4 billion). For the first time in Ghana’s history, ASM gold exports have overtaken those from large-scale mining firms.

From January to May 2025, 41.5 tonnes of ASM gold were exported. In May alone, GoldBod recorded 11 tonnes valued at US$1.172 billion, boosting Ghana’s foreign exchange reserves and improving living standards in mining communities.

“Artisanal miners are not enemies of progress,” the CEO said. “With training and support, they can become true allies of national development.”

To further professionalize the sector, GoldBod, together with the Ministry of Lands and Natural Resources will begin training artisanal miners in modern recovery techniques starting September 2025.

All actors in the gold trading value chain, including aggregators, refiners, smelters, and exporters are now required to obtain licenses and comply with strict anti-money laundering and anti-terrorism financing regulations.

While international investors are welcome to partner with local licensees or apply for licenses to operate refineries and jewelry manufacturing hubs, foreigners are prohibited from directly purchasing gold on the local market.

A portion of GoldBod’s surplus revenue will be reinvested in mining communities through sustainable development initiatives. Programs such as “Blue Water” and “Tree for Life” will focus on land reclamation, environmental protection, education, healthcare, and social infrastructure.

On enforcement, the CEO was unequivocal: illegal gold trading and smuggling will no longer be tolerated. A permanent anti-smuggling task force will soon be launched in collaboration with the National Security Secretariat.

Looking ahead, GoldBod aims to transition from exporting raw dore gold to bullion exports by collaborating with local refineries to achieve LBMA accreditation. Plans are also underway to establish an ISO-certified, LBMA-compliant assay laboratory by 2026, which will ensure accurate gold testing and boost investor confidence.

The CEO reaffirmed GoldBod’s commitment to building a “Gold Village” that will position Ghana as Africa’s hub for gold jewelry production. Geological research investments will further support sustainable and responsible mining.

He called for international collaboration, urging institutions such as the London Bullion Market Association (LBMA) and the World Gold Council to join Ghana in advancing responsible sourcing and supply chain traceability.

“Ghana is ready, GoldBod is prepared. Together, we can uplift our communities while safeguarding our environment,” he added.

The edifice, which will be likened to the Dubai Gold Souk in the United Arab Emirates, will serve as ‘a hub of gold jewelry and ornaments in Africa’.

Addressing a gathering of industry players at the ongoing Mining in Motion Summit, Mr Sammy Gyamfi indicated this is novel enterprise is part of government’s plans to increase the value addition of the country’s gold produce.

“Let me also say, that the GodlBod is opened to symbiotic partnerships to actualize the vision of President Mahama to establish a “Gold Village” in Ghana to serve as a hub of gold jewelry and ornaments in Africa”, Mr Sammy Gyamfi revealed.

In his presentation, he also touched on other relevant interventions by the Goldbod, which will help Ghana derive the full benefits of its gold resource.

He further disclosed plans by his outfit to clamp down on smuggling and build a robust and well-coordinated gold trading sector that focuses on prosperity for Ghanaians.

Since inception, the Ghana Goldbod has already chalked many successes in its operations.

Addressing the gathering, the CEO further revealed that for the first time in Ghana’s history, gold exports from the artisanal small-scale mining (ASM) sector have overtaken exports from large-scale producers, marking what he described as a “defining moment” in the nation’s extractive sector.

Meanwhile despite its significant achievements, Mr Sammy Gyamfi has stated that his outfit will not rest on her laurels, but will continue to do more to the benefit of its partners, stakeholders and Ghanaians at large.

“I wish to extend a warm hand of invitation to the LBMA, the World Gold Council, the OECD, and the global investor community across the entire mining value chain, to partner with Ghana in the area of sustainable mining, responsible sourcing and value addition to attain the best of mutual outcomes.

“Ghana is ready! The Goldbod is prepared!! And together, we can all sail to higher realms of dividends in the mining sector where the environment is preserved, lives are bettered, and communities are uplifted!”, the address concluded