GOLDBOD exports 11 tonnes of gold worth USD 1.1 billion in May, bolstering Ghana’s economy

The newly established GOLDBOD exported 11 tonnes of gold valued at 1.1 billion dollars in May this year, marking a significant contribution to Ghana’s economy. 

Cumulatively, exports from the small-scale sector reached 51.5 tonnes, worth approximately 5 billion dollars, representing a 95% increase compared to the same period in 2024. 

For the first time in Ghana’s history, small-scale mining exports have surpassed those from large-scale mining operations.  

These inflows have strengthened foreign reserves, improved the balance of payments, and helped stabilize the Cedi. 

More importantly, GOLDBOD reaffirms the belief that artisanal miners, when properly supported and formalized, can become powerful allies in national development.  

President John Dramani Mahama disclosed these achievements during the inauguration of the GOLDBOD Task Force in Accra, emphasized that the Task Force is not merely a security initiative but a strategic component of a broader national economic transformation project aimed at restoring integrity, accountability, and value to Ghana’s gold sector.  

The Task Force comprises personnel from National Security, the military, and other security agencies who have undergone rigorous vetting, polygraph testing, and orientation on Act 1140. They have also completed intensive team-building and anti-corruption training.  

The inauguration marks a critical step in fully operationalizing the Ghana Gold Board Act, 2025 (Act 1140), which President Mahama assented to earlier this year. 

GOLDBOD is designed to oversee, regulate, and directly participate in the gold value chain from small-scale mining to assaying, trading, and export. 

It now holds exclusive rights to purchase and export all gold produced in Ghana, except that from large-scale mining firms, where GOLDBOD retains preemptive rights.  

Inaugurating the Task Force, President Mahama underscored the urgency of the reforms, citing a recent report that revealed a discrepancy of 229 metric tonnes between Ghana’s official gold export records and the import records of its trading partners. 

This gap, he said, amounts to over 11.4 billion dollars in losses over five years due to gold smuggling and illicit trade.

“This cannot continue,” the President declared. “The Ghana Gold Board was established to dismantle the black-market economy surrounding gold, and today’s inauguration of the GOLDBOD Task Force signals our readiness to act decisively.” He stated.

He emphasized that this situation can no longer be tolerated and that the establishment of GOLDBOD and its Task Force is a decisive step toward dismantling the black-market economy surrounding gold. 

According to the President, strict accountability mechanisms will govern Task Force operations saying all officers will be equipped with body cameras, their vehicles will be GPS-tracked in real time, and field operations will require a written warrant from the GOLDBOD Chief Executive Officer. 

Additionally, a whistleblower system has been introduced, offering informants up to 10% of the seized gold or its cash equivalent as an incentive.

President Mahana stated that the enforcement of the Gold Board Act would be pursued without fear or favour, as Ghana strengthens regulation across its gold sector.

He emphasised that the Act prohibits unlicensed gold trading and bans foreign nationals from purchasing gold on the local market pointing out that any violation of the law could attract a fine of up to GH₵ 2.4 million, imprisonment of five to ten years, or both. 

However, President Mahama clarified that foreign entities may apply through GOLDBOD for licenses to off-take gold or invest in refining and value addition activities.

The President announced that GOLDBOD would not only prioritise foreign exchange and revenue mobilisation but also focus on gold traceability, environmental sustainability, and responsible sourcing. 

He directed the Board to immediately roll out a nationwide traceability system to ensure that every gram of gold is linked to a verified, licensed, and environmentally compliant source.

President Mahama revealed that GOLDBOD would invest in land reclamation and ecological restoration through initiatives such as “Blue Water” and “Tree for Life,” and support geological surveys to provide small-scale miners with credible data to help reduce environmental degradation and enhance productivity.

Signalling a shift away from the export of raw Doré bars, President Mahama disclosed plans to establish an ISO-certified assay laboratory by 2026 to meet international standards adding that in the medium term, Ghana aims to increase local refining and transition to bullion exports.

Furthermore, he announced that work is underway to develop a Gold Village, a dedicated hub for gold jewellery and ornament manufacturing to position Ghana as a leader in gold value addition on the continent.

President Mahama also called on international partners, including the London Bullion Market Association, the World Gold Council, among others, to support Ghana’s journey towards a gold industry that is sustainable, transparent, and profitable.

Exhorting the Task Force, he issued a firm directive to members of the newly inaugurated GOLDBOD Task Force, urging them to carry out their mandate with the highest standards of integrity, professionalism, and discipline.

The President reminded the Task Force that their assignment goes beyond routine enforcement stating that it is a matter of national duty and pride. 

He cautioned that any breaches of their oath or dereliction of duty would attract swift and lawful consequences.

“You have been entrusted with extraordinary responsibility. Serve with honour. This is not business as usual,” President Mahama stressed.

The GOLDBOD Task Force forms a critical part of Ghana’s renewed effort to clamp down on illegal gold trade and ensure strict enforcement of the Gold Board Act.

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