President John Dramani Mahama is set to inaugurate the Gold Board Task Force on July 8, 2025, at the National Security Secretariat (Blue Gate) in Accra.

The move marks a major step in the government’s ongoing efforts to combat illegal gold trading, smuggling, and price manipulation in Ghana’s gold sector.

The task force, which will possess police-level enforcement powers, is expected to work closely with a nationwide intelligence network to detect and dismantle illicit gold trading operations.

It forms part of the broader enforcement strategy under the Ghana Gold Board Act, 2025 (Act 1140).

According to the Chief Executive Officer of GoldBod, Mr Sammy Gyamfi: “This specialised unit is a critical part of efforts to protect Ghana’s mineral wealth and ensure fair pricing and accountability in the sector.” 

Mr. Gyamfi reiterated that all licences previously issued by the defunct Precious Minerals Marketing Company (PMMC) and the Ministry of Lands and Natural Resources are now invalid under the new legislation.

“Operating under old licences is no longer permitted. Those days are over,” he warned.

Citing Section 63 of Act 1140, Mr. Gyamfi cautioned that any individual or entity engaged in gold trading without a valid Gold Board licence would face severe penalties.

“Anyone found trading gold without a Gold Board licence commits an offence and is liable, upon summary conviction, to a fine of not less than 50,000 and not more than 200,000 penalty units, or imprisonment for a term of not less than five years and not more than ten years — or both,” he stated.

The establishment of the Gold Board Task Force underscores the government’s commitment to enforcing the new licensing regime and restoring order and accountability in Ghana’s gold trade.