GHANA unveiled a new security-supported task force on Tuesday designed to combat illicit gold commerce, as the continent’s leading gold producer seeks to reclaim billions in losses from illegal trafficking, according to a report by Reuters.
The initiative, launched by Ghana President John Dramani Mahama, represents the West African country’s inaugural nationwide campaign against gold smuggling.
Earlier governmental initiatives aimed at cleaning up small-scale mining operations proved ineffective in stopping unauthorised extraction and stemming financial losses that burden numerous African gold-producing nations, said Reuters.
The creation of GoldBod, Ghana’s new centralised gold trading board, has driven official exports to unprecedented levels of 55.7 tons worth $5bn during the year’s first five months, Mahama announced whilst inaugurating the task force.
“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.
The anti-smuggling unit, comprising military personnel and police officers, will offer financial incentives to the public, with informants receiving 10% of recovered gold values from successful tip-offs.
By 2026, Ghana intends to establish a comprehensive gold tracking system nationwide and shift towards exporting refined gold products, said Reuters. Additional value-creation plans include developing an International Organisation for Standardisation-certified assay laboratory and establishing a dedicated manufacturing centre, the newswire said.
Across West Africa, governments are intensifying efforts to maximise returns from booming commodity markets. Military regimes are implementing forceful strategies such as overhauling mining legislation and asset seizures, while democratic nations like Ghana and Ivory Coast favour gradual reforms involving increased royalty rates and improved revenue distribution agreements.
Gold valuations have surged 25% year-to-date, reaching peak levels of $3,500 per ounce in April.
