Finance Minister Dr. Cassiel Ato Forson has issued a stern warning to players in Ghana’s gold industry, urging full compliance with the newly enacted Ghana Gold Board Act, 2025 (Act 1140).

Presenting the 2025 Mid-Year Budget Review in Parliament on Thursday, Dr. Ato Forson emphasized the government’s determination to clamp down on illegal gold trading and smuggling, describing such acts as “nation-wrecking.”

“Let me be clear, no one should come to us and beg. The government of President Mahama will deal ruthlessly with anyone found engaging in illegal trade and smuggling,” he warned.

Dr. Ato Forson highlighted the establishment of the Ghana Gold Board (GoldBod) as a major step toward fulfilling a key manifesto promise. The board is tasked with accumulating foreign exchange reserves to support the stability of the Ghana cedi.

Under the new law, effective June 21, 2025, only individuals or companies with a valid GoldBod license may legally purchase, sell, or trade gold. All export rights tied to previous licenses issued by the Ministry of Lands and Natural Resources have been revoked. From now on, only GoldBod is authorized to export small-scale gold from Ghana.