PHOTO: Sammy Gyamfi, boss of GOLDBOD
The Ghana Gold Board (Goldbod) has issued a sweeping directive nullifying all gold trading and export licences issued to individuals by the Precious Minerals Marketing Company (PMMC) and the Minister of Mines, effective May 1, 2025. The move is part of a new legal regime ushered in by the recently passed Ghana Gold Board Act (Act 1140), 2025.
The announcement, made in a statement signed by Prince Kwame Minkah, Media Relations Officer at Goldbod, clarifies that the new regime does not affect large-scale mining companies but fundamentally reshapes the artisanal and small-scale mining (ASM) landscape.
Goldbod Now the Sole Authority
Under the new law, Goldbod becomes the sole legal buyer, seller, assayer, and exporter of gold from Ghana’s licensed ASM sector. The directive explicitly prohibits individuals or entities from engaging in any form of ASM gold trade or export without direct authorisation from the Board.
“No person other than Goldbod or a licensed buyer, aggregator, or Goldbod service provider is permitted to purchase or deal in gold in the country,” the statement read.
To avoid disruptions and honour existing contracts, Goldbod is permitting licensed operations to continue only until April 30, 2025, after which all unlicensed activity will be deemed unlawful.
PMMC Licences Expire in April
The statement delivers a decisive end to the PMMC’s role in individual gold licensing, with Goldbod taking full regulatory and commercial control of Ghana’s ASM gold trade. It further instructs foreign nationals involved in local gold trading to exit the sector by April 30, although they may apply for off-taker status through Goldbod.
“All foreigners are hereby notified to exit the local gold trading market by April 30, 2025. Foreigners may, however, apply to Goldbod to buy or off-take gold directly,” the directive adds.
New Application Process Begins April 22
From April 22, 2025, Goldbod will open applications for new licences under the revised legal framework. Ghanaian individuals and companies whose licences have expired or those seeking to enter the gold business may apply online or at the Licensing and Regulations Office in Accra.
Furthermore, licensed buyers and entities purchasing gold from the local market will be required to transact in Ghana cedis, with pricing based on the Bank of Ghana Reference Rate, available via www.bog.gov.gh.
Enforcement and Legal Sanctions
The new law provides criminal penalties for engaging in gold transactions without a Goldbod-issued licence after May 1, 2025, cementing the state’s intent to formalise and control the ASM gold value chain, which has long been plagued by illegal trade, tax evasion, and export smuggling.
The Ghana Gold Board Act was passed by Parliament on March 29, 2025, and assented to by the President on April 2, 2025, setting the legal groundwork for this major regulatory overhaul.
This policy shift aligns with Ghana’s broader efforts to enhance transparency, traceability, and revenue mobilisation in its gold sector—one of the largest contributors to the country’s foreign exchange earnings.
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