Otumfuo and other traditional chiefs will need permission from Sammy Gyamfi to own gold—Goldbod Act.

A new legislative proposal under the Goldbod Act is sparking national discussion since it purportedly intends to regulate gold possession by traditional rulers, including the Asantehene, Otumfuo Osei Tutu II. According to GhanaToday, the new law may force such leaders to obtain authorization from the Gold Board, managed by Sammy Gyamfi, before owning or storing gold.

If implemented, the proposal will make significant changes to Ghana's gold regulatory structure, with the goal of reducing illegal stockpiling and increasing openness in gold operations throughout the country. Section 69 of the proposed bill expressly prohibits anybody from keeping gold without a license from the Gold Board.

"A person shall not, without lawful authority, hoard gold without a licence issued by the Gold Board," the law stipulates.

Offenders incur severe penalties, including fines ranging from 200,000 to 500,000 penalty units, imprisonment for five to 10 years, or both. The proposed legislation does not exempt corporations. Section 70 states that any corporation found guilty of gold-related offences shall have its directors, managers, officials, and even shareholders held accountable unless they can demonstrate due diligence to prevent the violation.

Critics believe that the law will disproportionately affect traditional rulers and customary organizations, who have always valued gold as part of their legacy and cultural customs. Others see the bill as an essential step toward combating gold smuggling and underground marketplaces.

While the Goldbod Act has yet to be passed, the addition of strict licensing and penalties has already raised worries about the level of government involvement in traditional affairs.

Source: GhanaToday