Ghana launches task force to curb gold smuggling losses
The task force is Ghana's first national anti-gold smuggling initiative. The government has previously launched efforts to sanitize artisanal mining but these were unsuccessful in curbing illegal extraction and preventing revenue losses that plague most African gold producers.
Ghana this year created the new gold board known as GoldBod to centralise gold trading. This has led to record official exports of 55.7 metric tonnes of gold valued at $5 billion in the first five months of 2025, Mahama said at the inauguration of the new task force.
"This is money that would not have come back to Ghana because traders would have taken it and kept the foreign exchange outside," Mahama said.
To encourage public cooperation with the new anti-smuggling task force, which will involve both soldiers and police officers, informants will receive 10% of the value of gold seized as a result of their tips, Mahama said. Ghana plans to implement a nationwide gold traceability system and transition to refined gold exports by 2026, Mahama added.
The country will also seek to capture more value from gold through an assay laboratory, certified by the International Organization for Standardization to guarantee quality, and a specialized manufacturing hub. West African governments are striving to capture more revenue from surging commodity prices.
Military-led nations are adopting aggressive policies, including rewriting mining codes, seizing assets and renegotiating contracts, while democracies like Ghana and Ivory Coast are pursuing measured reforms through higher royalties and enhanced revenue-sharing deals.
Gold prices have jumped 25% this year to date, and peaked at $3,500 per ounce in April, according to Reuters data.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Filipino Times
2 hours ago
- Filipino Times
CFO bolsters safeguards against fraudulent marriages and cross-border exploitation
The Commission on Filipinos Overseas (CFO) is ramping up efforts to protect Filipinos from deceptive foreign suitors and cross-border scams that lead to fraudulent or abusive marriages abroad. In a statement issued Wednesday, CFO Secretary Dante Ang II said the agency has implemented a watchlist mechanism to identify red flags, prevent exploitative unions, and track individuals involved in illegal matchmaking activities. 'This is more than just a campaign against fraudulent marriages. It is a commitment to uphold the dignity, safety, and rights of every Filipino,' Ang said. The CFO is currently monitoring 356 individuals flagged for suspicious activities, including 258 foreign nationals, 60 Filipinos, and 38 suspected marriage brokers. As part of its preventive campaign, the CFO launched a webinar series titled 'Human, Hindi Laruan (Not Toys),' aimed at raising public awareness on how seemingly well-intentioned foreign suitors may serve as fronts for trafficking and abuse. The sessions underscored the importance of vigilance in assessing online and offline romantic engagements. The webinars also highlighted Republic Act 10906, or the Anti-Mail Order Spouse Act, which criminalizes profiting from the arrangement of marriages between Filipinos and foreign nationals. Participants were warned about matchmaking methods that include informal 'reto' setups, social clubs, and online dating platforms. Citing data from the United Nations International Organization for Migration, the CFO noted that the Philippines remains one of the world's top migrant-sending countries. Filipino women account for 48.1 percent of all outbound migrants. As of the latest global estimates, there are around 281 million international migrants, representing 3.6 percent of the global population.
Zawya
10 hours ago
- Zawya
The Liberian Ambassador to Sierra Leone Bids Farewell to Sierra Leone's President Julius Maada Bio, After Three Years of Dedicated Service in Sierra Leone
The Ambassador of the Republic of Liberia to the Republic of Sierra Leone, Her Excellency Madam Angie Lavela von Ballmoos, has officially taken leave of His Excellency President Dr. Julius Maada Bio after three years of dedicated service in Sierra Leone. Reflecting on her time in the country, Ambassador von Ballmoos noted that it was with a heavy heart that she bids farewell, marking the end of a fulfilling tenure in what she described as a beautiful and welcoming nation. She expressed deep appreciation for the warm hospitality she received and remarked that she would greatly miss the people, the shared cultural heritage, and the local cuisine. Ambassador von Ballmoos also extended her heartfelt congratulations to President Bio on his recent election as Chairman of the Authority of Heads of State and Government of the Economic Community of West African States (ECOWAS). 'Your appointment brings hope not only to Sierra Leone but to the entire sub-region and Africa at large,' she stated. 'We in Liberia are humbled and proud of your achievement, especially because of the personal and historical ties we share.' She further commended President Bio's leadership, particularly his role in the African Union's Committee of Ten (C-10), his commitment to human capital development, and his advocacy for gender equality. 'We are optimistic about what ECOWAS can achieve under your leadership. The people of the region stand to benefit immensely from your efforts in fostering peace and building capacity across the sub-region,' she added. In his response, President Julius Maada Bio thanked the outgoing ambassador for her outstanding service and contribution to strengthening ties between the two countries. 'Your service in Sierra Leone has been impactful. You have championed Liberia's interests with distinction, and as the exemplary public servant that you are, I am confident you will continue to make Liberia proud—and should be proud of yourself as well,' he stated. President Bio added that Ambassador von Ballmoos would be deeply missed and assured her that Sierra Leone, especially Freetown, would always be home. 'You are always welcome to return anytime,' he concluded warmly. Distributed by APO Group on behalf of State House Sierra Leone.
Zawya
11 hours ago
- Zawya
Prime Minister addresses the Namibian Parliament
At the invitation of the Speaker of the National Assembly, H.E. Saara Kuugongelwa, Prime Minister Shri Narendra Modi addressed today the Parliament of Namibia. This special gesture from the Namibian side made Prime Minister's State Visit to Namibia even more meaningful. 2. Addressing the Parliament, Prime Minister conveyed greetings from the "Mother of Democracy' and the largest democracy in the world to the members of the august House and to the friendly people of Namibia. Recalling the historic ties between the two countries and their shared struggle for freedom, Prime Minister paid tribute to the legacy of Dr. Sam Nujoma, the founding father of Namibia. He noted that the democratic values and principles championed by the founding fathers of the two countries continue to illuminate the path of progress in both countries. He lauded the role of the government and people of Namibia in deepening democracy in the country. 3. Prime Minister thanked the people of Namibia for bestowing on him their highest national honor. He noted that this special gesture was a tribute to the achievements of the Indian and Namibian democracies. As sentinels of freedom, equality and justice, he called upon the two countries to work for the betterment of the Global South, so that the voices of its people are not just heard, but their hopes and aspirations are fully realized. He underlined that India will always work for the progress of Africa, as it had done during its presidency of the G-20 when the African Union was made a permanent member of the group. He stated that India was privileged to share its development experience with Namibia and other countries in the continent. India remains committed to building capacity, developing skills, promoting local innovation and supporting Africa's Agenda 2063. 4. Prime Minister thanked the Speaker for the honor extended to him. He called for greater people-to-people interaction between the two countries so that the two democracies ever prosper. "Let our children not only inherit the freedom we fought for, but also the future we will build together.' – he said as he concluded his address. Full text of Prime Minister's address may be seen here. Distributed by APO Group on behalf of Ministry of External Affairs - Government of India.
