President John Dramani Mahama has commended the Ghana Gold Board for recording $5 billion in gold exports within the first five months of its operations, attributing the performance to reforms in the small-scale mining sector.

Speaking at the inauguration of the Ghana Gold Board Task Force in Accra on Tuesday, July 8, 2025, the President said the country exported 51.5 tonnes of gold between January and May this year, describing the outcome as historic.

He said the revenue, derived mainly from the formalised artisanal and small-scale mining sector, had strengthened the country’s foreign reserves, improved the balance of payments, and contributed to the relative stability of the Ghana cedi.

“These are proceeds that would have otherwise been lost to smuggling. For the first time in our history, these billions have come into our banking system,” he said.

The Ghana Gold Board became operational earlier this year under Act 1140, with powers to regulate, purchase, and manage the export of gold. President Mahama described the Board’s mandate as a step towards reversing the long-standing losses Ghana has suffered through unregulated trade.

He referenced a recent report that revealed a 229-metric-tonne gap between Ghana’s official gold export data and figures recorded by its trading partners over a five-year period, representing an estimated loss of $11.4 billion. “This will not continue,” he said.

As part of efforts to address the problem, a task force has been established under the auspices of the Gold Board. It includes personnel from the Ghana Armed Forces, national security, and other law enforcement agencies.

Members have undergone training and vetting and have been equipped with surveillance tools such as body-worn cameras and GPS-monitored vehicles.

“All field operations will require written warrants and will be subject to strict oversight. Whistleblowers will receive 10 per cent of the value of seized gold or cash,” the President announced.

He warned that task force members who abuse their authority would face immediate sanctions, including dismissal, prosecution, and loss of entitlements.

President Mahama also announced a new directive for full traceability in the gold supply chain. A nationwide system is to be introduced to link every gram of gold to its licensed and environmentally compliant source of origin.

He added that Ghana aims to establish an ISO-certified assay laboratory by 2026 as part of a broader effort to move into refined bullion exports.

He said the long-term goal was to ensure that the benefits of Ghana’s mineral resources remain with Ghanaians.

“We are no longer content with raw extraction. We must own the value chain—from production to export and value addition,” he said.

Mr Mahama added that the Ghana Gold Board would also support local mine ownership, jewellery manufacturing, and environmental restoration projects.

The idea to establish the Ghana Gold Board was first introduced in the National Democratic Congress (NDC)’s 2020 manifesto and was elevated to flagship policy status in 2024.

Mr Mahama said the task force inauguration marked a shift from “policy to implementation”, describing it as the beginning of a new chapter in the country’s gold sector.