Latest news with #Mahama
First Post
10-07-2025
- Politics
- First Post
Ghana Fights Gold Smuggling, President Mahama Launches Task Force Firstpost Africa
Ghana Fights Gold Smuggling, President Mahama Launches Task Force | Firstpost Africa | N18G Ghana Fights Gold Smuggling, President Mahama Launches Task Force | Firstpost Africa | N18G Ghana, Africa's top gold producer, has waged a war against the growing smuggling of the precious metal in the country. To curb illicit trading, President John Dramani Mahama has launched a task force that will include police officials as well as soldiers. It is the first-ever national-level initiative to curb gold smuggling. It marks the President's bid to recover billions of dollars lost to illegal trading of the precious metal. Launching a stern warning for those involved in illegal exploration, President Mahama said that violators would face a hefty fine of up to 2.4 million Ghanaian Cedi ($230,000) or imprisonment of five to ten years, or both. See More
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.
Arab Times
09-07-2025
- Politics
- Arab Times
Ghana's president inaugurates special task force to tackle illegal gold mining
ACCRA, Ghana, July 9, (AP): Ghana's president launched a special task force on Tuesday to combat rampant illegal gold mining and smuggling that has long plagued the West African nation. The chronic challenge of illegal gold mining - known locally as "galamsey' - was a major issue during Ghana's presidential election campaign last year and a source of concern for voters, triggering protests and criticism against the outgoing government. Ghana's President John Mahama inaugurated the GOLDBOD Task Force, saying its creation "signals our readiness to act decisively.' The task force - comprised of officers from various security agencies and the military - is empowered to arrest and detain suspects. It follows the establishment of the Ghana Gold Board agency in January as the sole legal entity managing all transactions and exports of gold mined in the country by small mining companies. Mahama said that along with the agency, the task force will strive to curb the proliferation of illegal miners and "dismantle the black-market economy surrounding gold.' He touted what he described as the rebound of the cedi, Ghana's currency, which has had a poor track record against the dollar, as a result of setting up the Ghana Gold Board. The illegal gold mining industry has resulted in significant economic losses and environmental degradation for Ghana, Africa's largest gold-producing country. It has flourished as a result of a massive slump in Ghana's economic fortunes as millions of young people struggle to find jobs. Huge protests broke out across the country against illegal gold mining after many rivers were polluted, becoming a political hot-button issue in the election. Mahama, who won the election, promised in his campaign to clamp down on the practice. "Let this serve as a warning to all those involved in gold smuggling and illegal trade: the law will be enforced without fear or favor,' he said Tuesday. Mahama emphasized how the task force members would wear body cameras, which allows for accountability and monitoring of their actions in real time. However, many analysts say past attempts to curb illegal gold mining have not produced tangible results. "The task force can help," Festus Aboagye, an Accra-based security analyst, told The Associated Press. But "the challenge, as usual, is not regulation but enforcement.'
The Herald
09-07-2025
- Business
- The Herald
Ghana launches task force to curb gold smuggling losses
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
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.
