In a sweeping reform of gold trading regulations, the Ghana Gold Board (GoldBod) has issued a bold directive. All licenses granted by the Precious Minerals Marketing Company (PMMC) or the Minister for Mines are now invalid.
This change follows the Ghana Gold Board Act (Act 1140), passed on March 29 and signed into law on April 2, 2025.
“Any Ghanaian or a fully-owned Ghanaian company whose license has ceased to be valid and/or any Ghanaian who is desirous of dealing in gold, is encouraged to apply for a license under the Ghana Gold Board Act (ACT 1140), 2025, effective Tuesday, 22nd April, 2025.”
The statement added that “An application for a GoldBod license may be done online, via the website of the GoldBod (to be activated and published on the effective date for license applications, 22nd April, 2025) or physically at the GoldBod Licensing and Regulations office located at our head office in Accra.
“All foreigners are hereby notified to exit the local gold trading market not later than 30th April, 2025. A foreigner may, however, apply to the GoldBod to buy or off-take gold directly from the GoldBod.
“It is worthy of note that it shall constitute a punishable offense for a person to purchase or deal in gold in the country without a license issued by the Ghana Gold Board, effective 1st May, 2025.”
The Act designates GoldBod as the exclusive buyer, seller, assayer, and exporter of ASM gold in Ghana. Only large-scale mining companies are exempt from this license revocation under the new gold trading regime.
GoldBod stressed that no one else may export artisanal and small-scale mining (ASM) gold from Ghana henceforth. Additionally, only GoldBod, its licensed buyers, aggregators, or service providers can purchase or trade gold locally.
A transition period allows current PMMC or Minister-licensed operators to trade until April 30, 2025. After that date, unlicensed gold trading will be considered a punishable offense under the new regulations.
All local gold purchases must be made in Ghana cedis using rates from the Bank of Ghana website. Ghanaians and fully Ghanaian-owned firms may apply for new GoldBod licenses starting April 22, 2025.
Applications can be submitted online or in person at the GoldBod office in Accra. Foreign nationals must exit the local gold trading market no later than April 30, 2025.
However, foreigners may apply to buy gold directly from GoldBod under the new system. GoldBod emphasized that dealing in gold without its license after May 1, 2025, will be criminally punishable.
This move aims to increase transparency, fight smuggling, and boost state revenue from Ghana’s ASM sector. Gold trading reforms are also expected to strengthen the cedi and improve foreign exchange reserves.
Stay tuned as Ghana’s gold trading landscape enters a new era of state-led oversight and accountability.
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