GoldBod Intensifies Crackdown as Sector Records Strong Gains
The Gold Board (GoldBod) has intensified its crackdown on illegal mining and gold trading networks, retrieving large sums of foreign currency including US dollars, CFA francs, and Moroccan dirhams. Officials also seized gold doré, gold dust, mercury, firearms, mobile phones, and forged documents, items often associated with unregulated gold operations.
Investigations have revealed the involvement of foreign nationals from the United States, Morocco, and Burkina Faso, raising concerns about growing cross-border participation in illicit mining and smuggling activities. The Board is also probing whether some Tier 2 license holders may have abused their permits to support unlicensed operators.
GoldBod’s Legal Directorate is currently pursuing 20 active cases against individuals and entities accused of trading without valid licenses. These include 10 cases under investigation, six suspects granted bail, one suspect on court bail, one case pending trial, another under police enquiry, and one suspect deported.
Despite the enforcement challenges, the Board’s statutory report covering July to September 2025 highlighted strong performance in gold aggregation, exports, reserve buildup, and regulatory oversight. GoldBod aggregated 26,153.98 kilograms of gold from the Artisanal and Small-Scale Mining (ASM) sector, valued at US$2.76 billion, as part of efforts to formalize the ASM value chain.
In addition, GoldBod advanced Ghana’s reserve strategy by procuring 119.78 kilograms of gold from large-scale mining firms for the Bank of Ghana, worth US$11.82 million, to strengthen the nation’s gold-backed reserves.
Exports also posted another strong quarter, with ASM operations exporting 25,780.60 kilograms valued at US$2.71 billion, while large-scale producers exported 24,911.21 kilograms worth US$2.43 billion.
On regulation, GoldBod processed 577 licenses under its new tiered regime aimed at tightening compliance and simplifying entry for legitimate operators. These included 432 Tier 2 licenses, 123 Tier 1 licenses, and 22 approvals for self-financed aggregators. The Board also issued two license suspensions and one revocation, underscoring its commitment to sanitizing the gold trading ecosystem and promoting responsible mining practices.
