In an attempt to recoup billions of dollars lost to smuggling, Ghana’s President John Dramani Mahama has established a task force, supported by security forces, to combat illicit gold trading.
This is the first national anti-gold smuggling effort in Ghana. In the past, the government attempted to clean up artisanal mining, but these efforts failed to stop illicit extraction and prevent the revenue losses that mostly affect African gold producers.
In 2025, Ghana established GoldBod, a new gold board, to centralise gold trading. During the inauguration of the new task force, Mahama stated that the first five months of 2025 saw record official exports of 55.7 metric tonnes of gold worth USD 5 billion.
“This is money that would not have come back to Ghana because traders would have taken it and kept the foreign exchange outside,” Mahama said.
Mahama explained that informants would receive 10% of the value of gold seized as a result of their tips to encourage public cooperation with the new anti-smuggling task force, which will include both police and soldiers.
“Ghana intends to switch to refined gold exports by 2026 and establish a national gold traceability system,” Mahama continued.
To increase the value of gold, the African nation will also establish a specialised manufacturing hub and an assay laboratory certified by the International Organisation for Standardisation to ensure quality.
The governments of West Africa are working to increase their revenue from the rising prices of commodities. Democracies like Ghana and the Ivory Coast seek gradual reforms through increased royalties and improved revenue-sharing agreements, while military-led countries are implementing punitive measures such as revising mining codes, renegotiating contracts, and seizing assets.
According to Reuters data, in April 2025, gold prices reached USD 3,500 per ounce, a 25% increase so far this year.