President John Mahama has stated that violators of the GoldBod Act will face stiff penalties, including fines of up to GHS 2.4 million, imprisonment for up to ten years, or both.
Speaking at the inauguration of the GoldBod Taskforce on Tuesday, July 8, at the National Security Secretariat, President Mahama emphasised that the law strictly prohibits unlicensed gold trading and bars foreigners from buying gold on Ghana’s local market.
“The GoldBod Act clearly bans foreigners from purchasing gold locally and outlaws all forms of unlicensed trading.Courts can sentence offenders to between five and ten years in prison, impose fines of up to GHS 2.4 million, or apply both penalties.
Further, the president also cautioned members of the newly launched GoldBod Taskforce against misconduct, warning that any abuse of authority will attract swift and severe consequences.
“Authorities will dismiss, prosecute, and strip any officer who misuses their power of all benefits.”
The task force, made up of personnel from the military, national security, and other key agencies, will track, investigate, and combat illegal gold operations across the country.
