By Daniel Bampoe
In a striking demonstration of zero tolerance for abuse of power, Sammy Gyamfi, Chief Executive Officer of Ghana Gold Board (GoldBod) and a leading figure in the ruling National Democratic Congress (NDC), has issued a stern warning to the newly inaugurated GoldBod Taskforce.
His message: professionalism or punishment.
The warning was delivered during the official launch of the taskforce on Tuesday, July 8, 2025, at Jubilee House in Accra, a ceremony that also saw President John Dramani Mahama deliver a major policy address detailing the transformation of Ghana’s gold sector through the Ghana Gold Board Act, 2025 (Act 1140).
Sammy Gyamfi, previously acting MD of PMMC, was tapped to lead this transformation due to his legal background and reputation as a no-nonsense political communicator.
Backed by the Finance Ministry and a cross-sector technical committee, Gyamfi now heads an institution tasked with tightening controls, boosting revenue, and ending the impunity of illegal gold traders.
Strike Team with Oversight
The GoldBod Taskforce is not a symbolic unit. It includes vetted personnel drawn from National Security, the Ghana Armed Forces, and allied agencies, all trained in anti-corruption tactics, polygraph-tested, and oriented on the new gold regulations.
To ensure transparency, officers will operate under body-worn cameras, and their patrol vehicles will be GPS-tracked in real-time.
Additionally, no field operation will be authorised without a signed warrant from the CEO.
These measures come in response to years of public mistrust in security crackdowns on illegal mining—often marred by excessive force, extortion, and politically motivated targeting.
In his fiery address, Gyamfi made it clear that the era of impunity is over.
“We will protect those of you doing your jobs professionally and in good faith—but we will deal ruthlessly with anyone who brings disrepute to this government or the taskforce,” he warned.
Gyamfi’s caution reflects growing concerns about how power is exercised in the field, especially at a time when President Mahama is pushing to clean up the sector to stabilise the Ghana Cedi, bolster foreign exchange reserves, and reclaim lost revenue.
300 Licenses and Counting
To back these reforms, GoldBod has already rolled out a digital licensing system to eliminate bottlenecks, bribery, and middlemen.
Over 300 licenses have been issued through this automated portal, with applicants reportedly experiencing “minimal human interaction and no bribery.”
“The days when people had to pay bribes just to get a legal gold license are over,” Gyamfi said. “This is a new era of transparency.”
Broader Vision
President Mahama’s keynote address at the launch contextualised the taskforce as part of a national economic transformation strategy, aimed at repositioning Ghana as Africa’s most credible gold jurisdiction.
He revealed that between January and May 2025, exports through GoldBod from the small-scale sector had hit 51.5 tonnes, valued at approximately $5 billion, a 95% increase from the same period in 2024—surpassing exports from large-scale mining for the first time in Ghana’s history.
He cited a recent report showing a 229-metric-tonne discrepancy between Ghana’s official gold exports and what was recorded by importing countries—amounting to $11.4 billion in losses over five years.
“This cannot continue,” Mahama said. “The Ghana Gold Board was established to dismantle the black-market economy surrounding gold, and today’s inauguration of the taskforce signals our readiness to act decisively.”
Warning to Gold Smugglers
The President reinforced that unlicensed gold trading is now a criminal offence.
Foreigners are banned from buying gold in Ghana’s local markets and violators face up to GHS 2.4 million in fines or 5 to 10 years in prison.
However, Mahama noted that foreign entities may still engage through licensed gold off-take agreements or refining partnerships, provided they go through GoldBod’s formal channels.
Whistleblower Incentives
In a move to engage the public, the taskforce’s operations include whistleblower channels, with informants entitled to 10% of the value of any gold or cash seized from illegal transactions.
