Latest news with #GoldBod
Business Insider
09-07-2025
- Business
- Business Insider
President of Ghana offers 10% bounty to whistleblowers in galamsey crackdown
President John Dramani Mahama has pledged a 10% reward to whistleblowers who provide credible information that leads to the recovery of illegally traded or smuggled gold. President Mahama announced a 10% reward for whistleblowers aiding in recovering smuggled or illegally traded gold. The Ghana Gold Board Task Force was inaugurated to combat illegal gold trading and smuggling. Violations of the Gold Board Act will attract severe penalties, including significant fines and imprisonment. The announcement was made during the official inauguration of the Ghana Gold Board Task Force in Accra on Monday, 8 July 2025. The newly established task force has been mandated to clamp down on illegal gold trading, smuggling, and pricing distortions in Ghana's gold market. Cash rewards for information leading to seizures In a bold move to encourage citizen participation in the fight against illicit gold trade, President Mahama revealed that individuals who report illegal activities would be rewarded with 10% of the value of any gold or cash recovered as a result of their tip-off. DON'T MISS THIS: Top 10 African country with the highest foreign exchange and gold reserves in 2025 "Anyone who blows the whistle is eligible to receive 10% of the seized gold or cash value. So, whistleblowers, get ready. If you report someone and gold or cash is retrieved, you will receive 10% of its value," the President declared. Task force warned against abuse of power President Mahama also took the opportunity to caution members of the task force against abusing their powers. He warned that any form of misconduct or corruption would be met with swift and decisive disciplinary action. "To the task force, let me be clear, abuse of authority will not be tolerated. Any officer found engaging in misconduct will face immediate sanctions, including possible dismissal, prosecution, and forfeiture of entitlements," he stated. No tolerance for unlicensed gold trade Reaffirming his administration's stance on illegal mining and trading, the President urged anyone interested in dealing in gold to obtain proper licensing through the Ghana Gold Board (GoldBod). He also issued a stern warning to foreign nationals attempting to trade gold locally without authorisation. "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. The Gold Board Act prohibits unlicensed trading and bans foreigners from purchasing gold on the local market," Mahama emphasised. Heavy penalties for violations According to the President, breaching the Gold Board Act carries severe consequences. "Any breach of this Act could result in a fine of up to 2.4 million Ghana cedis, imprisonment for five to ten years, or both. You could face a prison sentence and still be required to pay the fine. This is a clear warning to those involved in the illicit gold trade," he concluded.
TimesLIVE
09-07-2025
- Business
- TimesLIVE
Ghana launches task force to curb gold smuggling losses
Ghana President John Dramani Mahama on Tuesday launched a task force backed by security forces to address illegal gold trading as Africa's top producer seeks to recover billions lost to smuggling. The task force is Ghana's first national anti-gold smuggling initiative. The government has previously launched efforts to sanitise 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 $5bn (R89bn) 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 anti-smuggling task force, which will involve 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 said. The country will also seek to capture more value from gold through an assay laboratory, certified by the International Organisation for Standardisation to guarantee quality, and a specialised 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 such as 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 (R62,300) per ounce in April, according to Reuters data.
Reuters
08-07-2025
- Business
- Reuters
Ghana launches task force to curb gold smuggling losses
ACCRA, July 8 (Reuters) - Ghana President John Dramani Mahama on Tuesday launched a task force backed by security forces to address illegal gold trading, as Africa's top producer seeks to recover billions of dollars lost to smuggling. 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, opens new tab 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.
Yahoo
08-07-2025
- Business
- Yahoo
Ghana launches task force to curb gold smuggling losses
By Emmanuel Bruce ACCRA (Reuters) -Ghana President John Dramani Mahama on Tuesday launched a task force backed by security forces to address illegal gold trading, as Africa's top producer seeks to recover billions of dollars lost to smuggling. 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.
Zawya
08-07-2025
- Business
- Zawya
Ghana launches task force to curb gold smuggling losses
Ghana President John Dramani Mahama on Tuesday launched a task force backed by security forces to address illegal gold trading, as Africa's top producer seeks to recover billions of dollars lost to smuggling. 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.
