Gold Smuggling in Ghana to Face Tougher Penalties Under New GoldBod Bill

Sammy Gyamfi, Acting Managing Director of the Precious Minerals Marketing Company (PMMC), has revealed that the government’s upcoming GoldBod Bill will introduce special powers to combat illegal gold smuggling in Ghana.

The bill aims to tackle a long-standing issue in the country’s gold sector, where enforcement has often been left to general security agencies rather than a dedicated authority.

Speaking on JoyNews’ PM Express on Tuesday, Gyamfi expressed concern over the lack of a focused agency to handle gold smuggling, saying that the current system has proven insufficient.

“We are not enforcing the law on gold smuggling, and we don’t know the agency that is dedicated to the fight against gold smuggling,” he said, highlighting the need for a more robust approach.

Once the GoldBod Bill is passed, it will grant the newly established GoldBod inspectors the authority to operate independently in the fight against illegal gold trading.

These inspectors will have the power to seize gold, impound it, and even take offenders to court to secure warrants.

“If they have cause to believe you are engaged in illegal gold trading or smuggling, they can seize your gold, they can impound it, they can confiscate it, and they can go to court for such warrants by themselves,” Gyamfi explained.

Gyamfi believes that the GoldBod Bill, once approved and assented to by the President, will mark a major turning point in Ghana’s battle against gold smuggling. “

This is going to be special… Let the bill be passed and let the President assent to it.

You can’t totally eliminate them, but for the first time, you will see gold smugglers being arrested, their gold seized, and them being taken to court to be prosecuted and convicted,” he said.

The GoldBod Bill is expected to introduce a structured legal framework that will enhance the regulation and enforcement of gold trading laws in Ghana.

With smuggling posing a significant challenge to the nation’s economy and resources, the bill promises a more effective response to one of the country’s most persistent issues.